JP Morgan Chase to add 1000 jobs

Mayor, Council Set Stage For 1,000 New JP Morgan Chase Jobs In Columbus

Supported by Mayor Michael B. Coleman, Columbus City Council will approve legislation tonight that will result in an expected operations expansion by JP Morgan Chase Bank. Council will offer Chase a Jobs Growth Incentive of 35 percent for eight years and a Job Creation Tax Credit of 65 percent for 10 years. As a result of the legislation, JP Morgan Chase is expected to bring 1,000 new jobs to the city and retain another 10,427. The city would net an estimated $4.5 million in additional income tax from the new jobs over eight years. The Mayor and his economic development team worked with Chase for several months to hammer out a deal.

"We continue our fight for every job, as part of our three-point plan to preserve our quality of life, allowing us to continue to be an economically competitive city," Mayor Coleman said. "We are gratified that Chase wants to continue to make Columbus its home and grow its operations here."

New jobs are the first step of the city’s three point plan to maintain core city services in the short term and for years to come. A 10-year government reform blueprint that will save the city between $100 million and $150 million and a proposed half-penny increase in the city income tax are the other two parts of the plan.

"All points of our plan have to be put into place in order for Columbus to be the city we all want it to be," said Councilmember Andrew J. Ginther, Chair of the Development Committee. "Through investments in job creation, and with the support of Columbus voters, the City of Columbus will be able to sustain essential city services, keep our neighborhoods safe and maintain the quality of life that makes Columbus attractive to companies like Chase.

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