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JPMorgan Chase will move more than 2,100 jobs from Manhattan to New Jersey to benefit from an incentive program offered by the state of New Jersey, The Wall Street Journal reported on Wednesday.
The bank, which was looking at options to expand its regional technology and operations hub, will get $19 million in subsidies for the move to New Jersey, the report said.
The bank has leased part of a building in Jersey City, the report said citing Harrison LeFrak, vice chairman of the family controlled business that owns the building.
The jobs being moved to the building are mostly involved in technology and operations, the WSJ report said.
Earlier this month, the Journal reported that the bank was looking to relocate 2,150 jobs to New Jersey from New York.
JPMorgan was not immediately available for comment outside regular U.S. business hours.