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Citigroup Inc. has leased 46,000 square feet of office space in Jersey City as the bank’s expansion plans come into effect.
Up to 400 employees who are currently based in New York City may move on July 1st to the new space at 480 Washington Boulevard, according to Crain’s New York Business.
The move comes as Citigroup mull over moving many of their tech employees to 499 Washington Boulevard in Jersey City, a building only a few blocks away. Jersey City has reportedly enticed the bank to move across the river by offering a subsidy of USD 12.3 million.
Citigroup spokeswoman Anu Ahluwalia, told the Wall Street Journal: “Citi is exploring additional office space to accommodate growth plans in the tri-state area but has not entered into any definitive arrangements.
“We are looking for additional space to make room for planned hires in our TriBeCa office.”
There has been a long simmering rivalry between New Jersey and New York to attract major business and the jobs that come with it. Jersey City itself has become a popular location for banks and financial services companies to base their back office operations. The use of subsidies to persuade businesses to set up in one location or another is a tactic that has been used by both cities.
However these incentive deals have been criticized as being inappropriate in the midst of the current times of financial difficulty that have hit the US recently.
Citigroup has been based in Manhattan since it was formed in 1998 when Citicorp and Travelers Group merged. Currently the bank has the largest financial services network in the world. It operates 16,000 offices all over the world and employs 260,000 staff.
The bank ran into severe difficulties during the financial crisis and was one of those controversially bailed out by the US government.