Boston Hopes to Keep JPMorgan in City

eFC logo

The city of Boston has floated a $4 million package of tax incentives designed to convince JPMorgan Chase to maintain its presence there. The firm now has about 725 people in the city, and may add 400 more to its

Global Funds Services unit there. However, the Boston Globe says, the company's lease at its major location in the Hub ends next year.

Mayor Thomas M. Menino says the package of property tax, state tax and financing benefits are meant to sway JPMorgan into moving its workers into now-vacant space on the city's waterfront, near its convention center.

JPMorgan said it's in negotiations over the waterfront site, and several suburban sites. Dan Kramer, managing director for fund services operations, said the Boston incentives could be a "key determinant" if they're approved by the city council, the Globe reports.