From the Star Ledger:
JP Morgan Chase has formally decided to relocate 2,150 jobs from Manhattan to an office building here, according to reporting by The Wall Street Journal Wednesday.
Last month, state officials agreed to tax breaks of $188 million over 10 years to persuade the financial firm to expand its existing operations in Jersey City, which will now bring the total number of Morgan employees to about 7,000. The firm had been considering locations in Delaware and Ohio, NJ Advance Media reported in July.
The tax breaks were a significant factor in the bank’s decision to bring the jobs to New Jersey instead of the other states, where JP Morgan also has facilities.
The new employees would have a median salary of $164,000, according to the EDA analysis. The move is expected to generate more than $665 million for the state over 20 years, the report also said.