Newark has over 300 types of businesses. These include 1,800 retail, 540 wholesale establishments, eight major bank headquarters (including those of New Jersey's three largest banks), and twelve savings and loan association headquarters. Deposits in Newark-based banks are over $20 billion.
Newark is the third-largest insurance center in United States, after New York City and Hartford. Prudential Insurance and Mutual Benefit Companies originated in Newark. The former, the largest insurance company in the world, is still headquartered in Newark. Many other companies are headquartered in the city, including International Discount Telecommunications, Public Service Electric and Gas (PSE&G), Verizon, and Horizon Blue Cross Blue Shield of New Jersey.
Transportation is a growing business in Newark, accounting for 24,000 jobs in 1996. The service industry is also growing rapidly, as many such jobs are replacing those in the manufacturing industry, once Newark's primary economy.
Though Newark is not the industrial colossus of the past, the city does have a considerable amount of industry. The southern portion of the Ironbound, also known as the Industrial Meadowlands, has seen many factories built since World War II, including a large brewery.