JPMorgan Chase is moving more than 2000 technology employees from New York City across the Hudson river to a new office in Jersey City.
The bank has agreed to lease 400,000 square feet in a building at the Newport complex, where it will house 2150 jobs in technology and operations, according to the Wall Street Journal.
The cost-cutting move comes thanks to a $19 million incentive package from New Jersey. It comes on the heels of a $225 million tax credit deal from the state’s Economic Development Authority to tempt the bank to create 1000 jobs in Jersey City and retain another 2612.
One IT area in which JPMorgan is investing heavily is cyber-security. The firm has just committed to doubling its budget over the next two years to around $500 million in the wake of a massive security breach last summer.