View Full Version : Standard Chartered Bank May Bring 300 Jobs to Newark

03-12-2008, 09:20 AM

Standard Chartered Bank, based in London and Singapore, is considering bringing 300 jobs to Newark over the next two years, while Abbott Laboratories, an Illinois-based drug and medical device company, plans to create 87 new jobs at its East Windsor plant, according to the New Jersey Economic Development Authority (NJEDA). Both companies were approved for state incentive programs on Monday.

Standard Chartered says nearly half of its New Jersey jobs would be transferred to Newark from New York City. However, the company was still considering a competing incentive package from The Empire State to move the jobs to Utica, according to the NJEDA.

Abbott is planning a $3.3 million consolidation of its two East Windsor facilities to a much larger single site with room to grow the extra 87 jobs, the NJEDA said.

04-01-2008, 04:45 PM

Bank picks Newark for next corporate site
by Ian T. Shearn/The Star-Ledger
Tuesday April 01, 2008, 3:58 PM
London, New York City, Singapore, Dubai ... Newark?

That's right. Newark will soon join the list of corporate locations for Standard Chartered, the international bank with 60,000 employees around the world.

Officials there signed a 10-year lease last week to bring about 300 employees from its Manhattan location to Newark's Gateway 2 building, said Newark Deputy Mayor Stefan Pryor. Standard chose Newark over competitive bids in Princeton, Jersey City, White Plains and Utica, Pryor said, underscoring Newark's efforts to market itself as an international city.

Key to the bank's decision were the successful efforts of Joseph Ritchie, chief executive of Brick City Development, to arrange some state-funded subsidies for the bank, Pryor said.

Specifically, he was able to negotiate a Business Employment Incentive Program, or BEIP, grant. The bank will also be eligible for a sales tax exemption for any materials it purchases toward rennovation efforts in its new 45,000 square foot office space.

Brick City was formed by Mayor Cory Booker to help attract and retain business in Newark and spur real estate development.

After many visits to Newark, Ritchie said, Standard officials liked the city's proximity to air and train travel, as well as the city's emerging downtown attractions. It will operate an unspecified, back-office operation in Newark, while still maintaining its presence in Manhattan.

04-01-2008, 11:48 PM
That is great. I hope soon though that businesses will start putting their corporate offices in our cities, scuh as Newark, instead of just the back-office operations. It's till great though and shows the revitalization that Newark has. Of course you won't hear about this on network news which are all located in New York.