Daily News: April 16, 2012

JPMorgan Chase Plans to Add Up to 1,200 Jobs in Delaware

Delaware Governor Jack Markell and Delaware Economic Development Office director Alan Levin announced that JPMorgan Chase plans to expand its operations in Delaware and add up to 1,200 new jobs in the state.

“Chase is making clear its commitment to bring more jobs to Delaware, where we have talented people ready to work to help it succeed,” Governor Markell said. “This announcement is also a credit to our state’s congressional delegation and general assembly, as they have continually demonstrated their commitment to the financial services industry, which is so critical to our State.”

According to the announcement, Chase plans to make up to a $50 million capital investment in Delaware. The company submitted an application for a $10,140,000 grant from the Delaware Strategic Fund to support the proposed expansion. At least 600 new jobs must be in place before the first disbursement of funds. The funding is contingent on approval by the Council on Development Finance, a volunteer advisory board, which will review the application on Monday, April 23. Chase will be subject to a recovery provision in the case of employment default.

Chase currently employs about 6,000 full-time workers in Newark and Wilmington. The new jobs would be in addition to the existing Delaware employment. The positions will be across most of the company’s lines of business.