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JPMorgan, RBC Capital Markets to move jobs to NJ for $300M break

JPMorgan, RBC Capital Markets to move jobs to NJ for $300M break

It’s all about the benjamins for the banksters…

The two banks promised to to create 1,900 new jobs in Jersey City. RBC said its U.S. headquarters will remain in lower Manhattan.

(Bloomberg) — New Jersey awarded JPMorgan Chase & Co. and RBC Capital Markets $300 million of tax credits over 10 years after the companies pledged to create 1,900 new jobs in Jersey City, across the Hudson River from Manhattan.

The Economic Development Authority approved annual grants of $22.5 million for JPMorgan and $7.9 million for RBC at a meeting Friday in Trenton. JPMorgan’s project would add 1,000 jobs and retain 2,612, while RBC’s would add 900 positions, according to their applications.

JPMorgan, in its application, said it has been evaluating the location of its expanding regional technology and operations hub. Its options included consolidating multiple New Jersey facilities into one in Jersey City or relocating most of those operations to lower-cost locations in Delaware and Ohio.

RBC leases space in five locations in Manhattan with about 2,700 employees. With leases expiring at 1 Liberty Plaza and the World Financial Center, it began evaluating options, including renovating and expanding space in Jersey City and in Minnesota. While the one-time cost of expanding would be greater in Minnesota, annual operating costs would be higher in New Jersey, according to its application.

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