J.P. Morgan Chase & Co. is looking to move 2,150 jobs from
New York City to Jersey City, the latest expansion of the financial
institution across the Hudson River.
The New Jersey Economic Development Authority Thursday is
expected to consider offering the bank the second round of tax
credits in about a year to create jobs in the Hudson County
city.
The jobs were described by people familiar with the negotiations
as information technology positions that are presently housed in
various bank offices in New York. The move would allow the New York
City-based company to consolidate the jobs in one place.
New Jersey provided the most attractive package of incentives,
according to these people. High-level members of the Christie
administration had been involved in discussions with the bank for
months, they said.
A spokeswoman for the EDA said the agency didn't comment on
projects before the board took action on them. The amount of the
tax credit award wasn't immediately available.
A spokesman for New York City Mayor Bill de Blasio's
administration didn't immediately respond to a request for
comment.
New Jersey has been aggressive in offering tax credits to
companies looking to move to the state or to encourage firms to
remain there. The state has awarded more than $5 billion in
corporate tax subsidies since Republican Gov. Chris Christie first
took office in 2010.
Jersey City has benefited from at least 20 awards since December
2013, according to state records. Office towers on the city's
waterfront have continued to attract financial service
companies.
Last year, the EDA awarded J.P. Morgan $225 million in tax
credits to create 1,000 jobs in Jersey City and retain 2,612
existing ones. The company purchased office space at 575 Washington
Blvd. last year and is leasing space nearby.
The state has also awarded tax credits to RBC Capital Markets,
Principis Capital LLC, New York Life Insurance Co., Brown Brothers
Harriman Co., Fidelity Global Brokerage Group and Jackson Hewitt
Inc. since December 2013 to help them relocate or expand jobs in
Jersey City.
J.P. Morgan Chase's move is the latest salvo in a continuing
battle between New York City and New Jersey over financial sector
jobs.
Last year, J.P. Morgan approached New York City officials with a
request for tax breaks and other incentives valued at hundreds of
millions of dollars to help it build a new headquarters on
Manhattan's far West Side.
The bank at the time offered to keep a head count of at least
16,000 in New York City with the new headquarters. It was a dip
from the roughly 20,000 housed in the city then but more than the
level it might sustain in the city if it didn't get the
incentives.
Mr. de Blasio said last year that the bank's request for the tax
breaks was "a nonstarter." The bank later moved away from the
plan.
Keiko Morris contributed to this article
Write to Heather Haddon at heather.haddon@wsj.com
Access Investor Kit for JPMorgan Chase & Co.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US46625H1005
Subscribe to WSJ: http://online.wsj.com?mod=djnwires