Stamford Financial Services Firm Receives State Grant to Create More Jobs

A Stamford-based consumer financial services company plans to expand its operations in Connecticut with the help of a multi-million dollar grant from the state.

On Tuesday, Gov. Dannel P. Malloy and executives from Synchrony Financial, with headquarters at 777 Long Ridge Rd., announced that the company plans to expand its Connecticut operations with the creation of 200 to 400 new, full-time jobs in the state while retaining 310 jobs.

Synchrony Financial (NYSE: SYF) traces its roots in consumer finance to 1932 and is the largest provider of private label credit cards in the United States based on purchase volume and receivables. The state, through the First Five program, is providing financial support for the expansion project. The company will be eligible for grants of up to $20 million based on hiring targets, with a $10 million grant for the first 200 new jobs in Connecticut.

In a statement, Malloy said, “We’re making significant gains … Fueling growth in our core industries is one of the keys to our state’s long-term economic success, and Connecticut has the right mix of financial services know-how and resources to help companies like Synchrony Financial thrive and prosper.” Malloy added, “Today’s announcement that a financial services and technology innovation leader is adding hundreds of new jobs here demonstrates that Connecticut is moving forward.”

“We are pleased to participate in the First Five program to maintain our strong presence in Connecticut and continue to invest in the community by creating professional job opportunities,” Synchrony President and CEO Margaret Keane said in a statement.

State Rep. William Tong (D-Stamford) said in a statement, “Investing in companies that are already proven successes in Connecticut and adding hundreds of new professional jobs shows we’re moving in the right direction.” Tong added, “The economic development boost for Stamford will hopefully encourage other companies to do likewise.”

“This new partnership between the state and Synchrony Financial will result in hundreds of new jobs and substantial new capital investment, which is a great economic development boost for the region,” DECD commissioner Catherine Smith said. “It is a project that reaffirms the strength and diversity of the state’s financial services sector.”

On Monday, Synchrony announced that it was relocating its Charlotte, NC offices where there are 400 employees and that there are plans to hire 200 additional employees there by the end of the year, according to The Charlotte Observer.

*Editor’s note: This story was updated to include comments from state Rep. William Tong (D-Stamford).