October 20, 2014
By Andrew J. Hawkins
On Monday, (click here) Mayor Bill de Blasio rejected a request from JPMorgan Chase for more than a $1 billion in tax incentives
from the city and state to keep its headquarters in New York City. But
although he called the proposal a "nonstarter," he left open the
possibility of offering some tax break to the bank.
His comment
reaffirmed his administration's hard-line stance on corporate
concessions as it continues to negotiate with the bank on its plan to
move its headquarters to the far West Side of Manhattan. Alternatively,
the nation's largest bank by assets may decamp for a lower-cost location
like New Jersey or Delaware.
"There was a
discussion put forward to the city of a substantial amount of subsidy,
and as Deputy Mayor [Alicia] Glen made very clear publicly, that's not
on the table from the city point of view," Mr. de Blasio said at a press
conference in Broad Channel, Queens, on the city's Sandy relief
program. "But we value JPMorgan as a major employer for this city, for
sure, and we certainly look forward to their long-term presence here as
they're looking to switch locations, and if we can find appropriate ways
to be helpful, we certainly will."
Pressed on
whether he believes the city should provide no tax incentives to
JPMorgan, Mr. de Blasio said he simply opposed the $1 billion proposal....
April 14, 2015
April 14, 2015
...JPMorgan, (click here)
the nation’s largest bank by assets, announced that profit rose 12
percent, to $5.9 billion, or $1.45 a share, compared with $5.27 billion,
or $1.28 a share, in the period a year earlier. Analysts had expected
first-quarter earnings of $1.38 a share.
The
earnings gain was not achieved by simply cutting costs, as has happened
at several of the big banks recently. Instead, JPMorgan increased
revenue 4 percent, to $24.8 billion from $23.9 billion in the quarter a
year earlier.
Marianne
Lake, JPMorgan’s chief financial officer, said in a conference call
with investors on Tuesday morning that the bank experienced “broad
strength in underlying performance.” The conference call was dominated
by detailed questions about relatively technical elements of the
company’s financial results, a sharp contrast with a similar call last
quarter when JPMorgan executives were forced to defend their business
model in heated exchanges....
July 9, 2015
by Samantha Marcus
New Jersey's Economic Development Authority on Thursday approved the $18.8 million-a-year, $8,734 per job corporate tax incentive to entice the financial giant across the Hudson River. Officials said the tax breaks were necessary to boost Jersey City over less expensive locations in Delaware and Ohio.
"The location analysis submitted to the authority shows New Jersey to be the more expensive option and, as a result, the management of JPMorgan Chase Bank has indicated that the grant of tax credits is a material factor in the company's location decision," an EDA analysis said....
