Two deals to enhance the financial services industry are expected to be a big boom for job growth in Connecticut and Oregon.
In Connecticut, approximately 2,000 jobs that were on the line have been saved after UBS cut a deal with officials to keep its headquarters in the state for five more years, according to Bloomberg News. The company was considering a move to New York City.
Under the terms of the agreement, the state will give the financial services company a $20 million forgivable loan. Under the deal for additional loan forgiveness, the lender will also get credit for every additional 250 jobs it creates.
In Oregon, one banking start-up company said it will move its operations out of New York and into the Portland area.
The Oregonian reports that the Brooklyn-based Bank Simple has announced plans to open its headquarters in Portland's Pearl District, where it already has a small development office.
The company, which specializes in online financial tools, said it will move 12 of its employees to the West Coast and hire at least a dozen more before the end of this year.