JERSEY CITY, NJ−JP Morgan Chase will geta Grow NJ tax incentive award totaling $224million over ten years to expand its regional technology andoperations hub in Jersey City.
JP Morgan Chase CEO Matt Zames said in arelease Monday that the award "made it possible for our firm topurchase our Newport Operations Center in Jersey City." Zames saidthe bank will invest $77 million in consolidatingoperations on two sites on Washington Boulevard in the Newportcomplex.
At a Friday boardmeeting, the Economic Development Authorityapproved the JP Morgan award and also $78 million in taxbenefits over ten years to Canadian financial firmRBC, contingent on that companytaking offices at the Goldman Sachs tower in JerseyCity.
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