JPMorgan Chase is planning to relocate 2,150 of its information technology jobs from three New York City locations to New Jersey as part of a broader cost cutting drive, The Wall Street Journal reported.
The relocation to New Jersey, scheduled by mid- to late-2017, is aimed at consolidating the jobs and cutting costs.
The move is expected to help the bank reap nearly $188m in tax benefits over a decade.
The bank will now submit an application to the New Jersey Economic Development Authority for a $19m subsidy over 10 years.
The state has been aggressive in offering tax credits to companies looking to relocate to the state or to encourage firms to remain there.
The US lender received tax credits of $225m last year to create 1,000 jobs in Jersey City and retain 2,612 existing jobs.