The New Jersey Economic Development Authority (EDA) Board last week approved a Business Employment Incentive Program (BEIP) grant to Lehman Brothers worth $19.6 million for the relocation of 400 jobs from New York City and the creation of 100 jobs.

“Nearly 1,700 employees of Lehman Brothers are already employed in New Jersey, and we would eagerly welcome the addition of 500 more,” said Caren S. Franzini, CEO of EDA.

Lehman Brothers, based in New York City, is a Fortune 500 global finance firm that serves the financial needs of corporations, governments and municipalities, institutional clients, and high net-worth individuals.

Georgia and Florida are also under consideration for the facility.

The BEIP grant would be a material factor in the company’s decision to relocate the jobs to New Jersey, adding to the existing Lehman Brothers New Jersey workforce located in Cranford Township, Florham Park and Jersey City.

BEIP grants are available to businesses looking to expand or relocate while creating jobs in the Garden State. Grants may be awarded for up to 10 years and can range between 10 percent and 80 percent of the total amount of state income taxes withheld by the company during the calendar year from the salaries of the new employees hired.

The award proposed to Lehman Brothers involves a 10-year term at 80 percent.

“Jersey City is an economic engine driving the state’s economy and home to the nation’s 12th-largest downtown in relation to office space,” said Jersey City Mayor Jerramiah T. Healy. “We are pleased that Lehman Brothers is considering expanding its operations in Jersey City and that new job opportunities may be created for our residents.”

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