LaBranche & Co Inc., a specialist and market-making firm in equity and other securities, plans to invest $7-8 million as it moves part of its operations to a new location at 33 Whitehall Street in Lower Manhattan and retain more than 500 jobs in Lower Manhattan.
“We are pleased to continue our commitment to the downtown business community and to ESD’s and EDC’s efforts,” said Michael LaBranche, CEO of LaBranche & Co.
LaBranche & Co Inc. is a specialist firm in securities listed on the New York and the American stock exchanges, as well as other securities exchanges in the U.S. and abroad. The company also has been expanding its Structured Products specialist and market-making business units, implementing various technology initiatives to accommodate investors’ need for greater speed and more certainty of executions.
LaBranche accepted an offer of $987,000 in Job Creation and Retention Program (JCRP) funds in exchange for signing the new lease and committing to retain 511 jobs in Lower Manhattan for at least ten years. Since 2002, the State and City have gained the commitment of 79 large firms to retain and create over 76,000 jobs in Lower Manhattan and nearly 16,000 elsewhere in New York City. Of these 79 companies, 15 were newly attracted to Lower Manhattan, accounting for over 9,800 relocated and created jobs.
JCRP, jointly administered by the New York City EDC and the Empire State Development, is designed to stabilize the job base in Lower Manhattan, restore the vibrancy of the downtown business community, encourage the creation of new jobs, attract new businesses and diversify the downtown economy. While the program requires a commitment of at least 200 jobs, the retention of these firms supports thousands of smaller-sized businesses because large companies account for more than half of all the private sector jobs in Lower Manhattan.
The JCRP program provides discretionary grants in return for a commitment to retain, create or attract at least 200 jobs in Lower Manhattan for a period of at least seven years. The grant determination is based on criteria such as economic and fiscal impact, length of job commitment, number of jobs retained, created, or newly attracted and the risk of relocation.
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