ETrade, in an internal memo, had said it plans to move 251 customer service jobs over to Jersey City from the Philippines. Under the agreement, which the EDA approved at their June 12 meeting, the state would award more than $2 millions a year in tax credits for 10 years.
The EDA is New Jersey’s primary arm for attracting business, investment and job creation into the state. The authority dolls out the tax credits through their Grow New Jersey Program.
ETrade already runs a handful of other functions in Jersey City, according to their EDA application, including a 106,573-square-foot office at the Harborside, where 510 people already work. Company officials would rent out an entire floor to house the customer service staff.
Last week, the New Jersey governor's office announced that Israel-based Teva Pharmaceuticals will move its U.S. headquarters from Pennsylvania to Parsippany.
That was the result of the EDA approving a 10-year, $40 million tax incentive for Teva. The move is expected to add 843 jobs in the state and retain an additional 232 New Jersey employees.