July 8, 2008
2 minute read
LEHMAN BROTHERS MAY BRING 500 JOBS TO JERSEY CITY
NJ Offers Business Incentive Grant to Entice Relocation from NYC
Trenton, N.J. (July 8, 2008) – In an effort to entice Lehman Brothers and hundreds of jobs across the Hudson River, the State of New Jersey today formally offered nearly $20 million in business growth incentives for the relocation of some of the company’s workforce to Jersey City.
The New Jersey Economic Development Authority (EDA) Board today approved a Business Employment Incentive Program (BEIP) grant to Lehman Brothers worth $19.6 million for the relocation of 400 jobs from New York City and the creation of 100 new jobs.
“Nearly 1,700 employees of Lehman Brothers are already employed in New Jersey, and we would eagerly welcome the addition of 500 more,” said EDA Chief Executive Officer Caren S. Franzini.
Lehman Brothers is an innovator in global finance and serves the financial needs of corporations, governments and municipalities, institutional clients and high net-worth individuals worldwide. Founded in 1850, the Fortune 500 financial services giant is a leader in equity and fixed income sales, trading and research, investment banking, private investment management, asset management and private equity, with headquarters in New York and regional headquarters in London and Tokyo.
The BEIP grant would be a material factor in the company’s decision to relocate the jobs to the Garden State, adding to the existing Lehman Brothers workforce located throughout New Jersey in Cranford Township and Florham Park, as well as Jersey City.
BEIP grants are available to businesses looking to expand or relocate while creating jobs in the Garden State. Grants may be awarded for up to 10 years and can range between 10 percent and 80 percent of the total amount of state income taxes withheld by the company during the calendar year from the salaries of the new employees hired. Today’s award to Lehman Brothers involves a 10-year term, at 80 percent.
“Jersey City is an economic engine driving the state’s economy and home to the nation’s 12th-largest downtown in relation to office space,” said Jersey City Mayor Jerramiah T. Healy. “We are pleased that Lehman Brothers is considering expanding its operations in Jersey City and that new job opportunities may be created for our residents.”
To learn more about EDA products and services to assist redevelopment projects, contact EDA Customer Care at CustomerCare@njeda.com or (609) 777-4898. For more information about doing business in New Jersey, visit www.NewJerseyBusiness.gov.
The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and real estate development activities.