| Company | IBJ Schroder Bank & Trust |
| Date Announced | 5/1/1997 |
| Site | 1 State Street |
| Total Subsidy | $2 million |
|
??? |
| Promised Job Creation | 460 |
| Promised Job Retention | 500 |
| Length of Contract | 22 years |
| Competing Sites | New Jersey |
| Conditions | none |
| Notes | Alistair Merrick, chief financial officer of IBJ Schroder, explained that the commercial bank ultimately chose to stay in New York because "We felt that many of our businesses had day-to-day contact with investment bankers, lawyers and clients, who all were located in the city" (Crain's New York Business, 9/7/98). This observation raises the question: would Schroder have stayed without the subsidy? |
| Corporate Notes | |
| Critics | |
| A
note on sources -- or why many of these profiles appear incomplete.
They are. Good Jobs New York compiled the numbers in these profiles from
press releases and news accounts of the deals. Unfortunately, more
detailed information on these subsidies is very difficult to obtain --
even though it should be readily available to the public. In many cases,
neither the company nor the city nor state released certain information,
particularly the terms of the agreement, i.e., the conditions which the
company had to meet in order to receive the subsidy. It should also be
noted that the value of the subsidy may not end up being equal to the
value estimated at the time of the agreement. And it should not be assumed
that the actual number of jobs retained and created will be the same as
the numbers predicted.
Because the public deserves easy access to information about how taxpayer dollars are being spent, Good Jobs New York will update these profiles as we uncover more information. Good Jobs New York - May 25, 2001 |
|