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Tracking down a New Jersey Job
By admin | July 29, 2008
In an attempt to lure more jobs to New Jersey, state officials have offered investment banking firm Lehman Brothers a $20 million tax break. Recently the New Jersey Economic Development Authority board approved the firm for the Business Employment Incentive Grant, making this the second time in the last month that the state has made an effort to assist Lehman Brothers.
If the firm accepts the grant, they would be expected to create 100 New Jersey jobs and move 400 other positions to the state from New York City. This would bring the total number of residents Lehman Brothers employees to 2,200.
“This would be a tremendous increase of employment by Lehman Brothers,” said EDA chief executive Caren Franzini.
Overall, the N.J.EDA has approved tax breaks for the firm on five separate occasions. Since 2002, the company has received approximately $1.6 million from two BEIP grants which were intended to create 750 new jobs located in Jersey City and Cranford. At this time, Lehman Brothers has generated 453 of those positions, according to EDA reports.
According to the mayor Jersey City, Jerramiah Healy, the fact that the city is in the top 15 areas in the nation as far as available office space goes makes it a great place for Lehman Brothers to expand their firm. “We are pleased that Lehman Brothers is considering expanding its operations in Jersey City and that new jobs opportunities may be create for our residents,” said Healy.
Possibly due to current economic troubles, the firm has been struggling. Plagued by both huge losses and capital shortages, the investment has yet to pay off.
“It’s a long-term investment,” said New Jersey Treasure Department spokesperson Tom Vincz.
Despite these problems, the firm is currently the fourth-largest American securities company in the country as far as market value goes. Nationwide, Lehman Brothers employees over 26,100 people. Company spokesperson Mark Lane declined to comment on the company’s acceptance of the grant.
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