JPMorgan to add 1,000 jobs, keep 2,600 in New Jersey

[NEW YORK] JPMorgan Chase & Co will create 1,000 jobs and retain over 2,600 workers in Jersey City, and invest more than US$76 million in New Jersey under a state tax credit program.

The state's Economic Development Authority said on Tuesday that New Jersey will reap a net benefit of US$1.1 billion through the program.

JPMorgan qualified as a "mega project" and was eligible for a base award of US$5,000 per employee, the EDA said about the Grow New Jersey Assistance Program, which provides annual tax credits per job of US$500 to US$5,000, and bonus credits of US$250 to US$3,000.

JPMorgan was looking at options to expand its regional technology and operations hub, the EDA added in a statement. The company also received bonus increases for transit oriented development, jobs with high salaries, large numbers of new and retained full time jobs, and for being in the targeted industry of finance, the EDA said.

JPMorgan, which had 241,145 employees worldwide as of the end of March, declined to comment.

Earlier on Tuesday, the Wall Street Journal reported that JPMorgan was looking to relocate 2,150 jobs to New Jersey from New York.

REUTERS