A brand name in online investment trading looks like they will be bringing new jobs to the Garden State, as New Jersey’s Economic Development Authority (EDA) has just awarded tax credits to E*Trade that would bring new jobs to the banks of the Hudson River.
Last month at their June 12 meeting, the EDA approved a total of $20 million in tax credits for the financial giant, who are headquartered on Park Avenue in Manhattan. The credits break down to a bit over $2 million per year spanning a decade, which will be awarded in exchange for bringing 251 customer service jobs to Jersey City from the Philippines.
E*Trade already leases 106,573 square feet of office space on the fifth floor of the Harborside building at 200 Hudson Street, which is currently being revamped into Harborside Terminal. E*Trade already houses 510 employees in their current space, and the company would lease an additional 24,000 square feet to occupy the entire floor of the property.
The job infusion into Jersey City would represent a capital investment of nearly $21 million, according to the EDA. E*Trade has not formally announced the move yet, and there is currently no timeline for when the jobs might officially be back on American soil.