The Real Deal New York

JPMorgan, RBC Capital consider Jersey City offices

New Jersey board to vote on request for millions in subsidies
May 15, 2014 01:15PM

JPMorgan Chase and Royal Bank of Canada Capital Markets are seeking incentives from the New Jersey Economic Development Authority in an effort to open offices in Jersey City.

The board plans to vote on subsidies Friday, Capital New York reported. RBC Capital wants $7.9 million in tax incentives, while JPMorgan is asking for $22.5 million over a decade.

Last week, the Bank of New York Mellon said it is considering moving the company’s Wall Street headquarters in the first quarter to either a 2.7 million-square-foot tower at 225 Liberty Street, or a 410,000-square-foot waterfront building at 70 Hudson Street in Jersey City, as previously reported.

JPMorgan announced in February it could cut about 8,000 total jobs in consumer and community banking. [Capital NY]Mark Maurer