NEW YORK CITY (dpa-AFX) - JPMorgan Chase & Co. (JPM) is looking to move 2,150 jobs from New York City to Jersey City, the Wall Street Journal reported.
The New Jersey Economic Development Authority on Thursday is expected to consider an application by the New York City-based bank for a $19 million subsidy over 10 years, the second round of tax credits for the firm in about a year as the state seeks to create jobs in the Hudson County city.
The J.P. Morgan jobs were described by people familiar with the negotiations as information technology positions that are now housed in the bank's various offices in New York City. The move would allow the company to consolidate the jobs in one place and cut costs during a time that the bank was seeking to ratchet down expenses, the report said.
Last year, the New Jersey Economic Development Authority said that JPMorgan Chase Bank committed to remain and grow in New Jersey, resulting in a total net benefit to the State of $1.1 billion. Supported under the enhanced Grow New Jersey Assistance (Grow NJ) Program, the project would result in the creation of 1,000 new jobs and the retention of more than 2,600 jobs in Jersey City.
Grow NJ provides tax credits ranging from $500 to $5,000 per job, per year, with bonus credits ranging from $250 to $3,000 per job, per year if the project meets certain requirements.
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