We demand that the banks deliver the jobs they promised or give back the public subsidies we gave them.
Why is this important?
Over the last few decades, the City and State of New York have awarded hundreds of millions of dollars in public subsidies to Wall Street banks to create good paying jobs for New Yorkers. The banks have not lived up to their part of the bargain. In fact many of these banks not only failed to create the jobs that they promised, but have laid off thousands of workers instead. Some of them have even moved jobs to New Jersey.
For example, Chase Bank was awarded a subsidy worth up to $237,700,000 from the New York City Industrial Development Agency (IDA) to move 5,000 employees to MetroTech in 1988 at a cost to the public of $51,000 per job. Since they started collecting on the subsidy, Chase made one of the largest series of layoffs in NYC history and has accepted tens of millions of more subsidies from New Jersey to move jobs out of NYC.
In 1997, the city gave Merrill Lynch $28 million in subsidies at a time when it had 9,693 jobs. In exchange for the cash, Merrill Lynch somehow got away with promising to retain only 9,000 jobs, the report says. New York paid $28 million to lose 700 jobs.
New Yorkers are sick of giving even more public money to the same banks we already bailed out for jobs they never produce.
If the banks fail to create the jobs they took our money for, they should give that money back.
Six New York banks got $550M in tax breaks to create jobs