Delaware panel approves $10.5M in grants to JPMorgan

DOVER, Del. (AP) - A state economic development panel has unanimously approved a request from banking giant JPMorgan Chase for more than $10 million in taxpayer-funded grants.

Gov. Jack Markell and bank officials announced last month that JPMorgan plans to add 1,800 jobs in Delaware by 2019.

Delaware economic development officials agreed to match 3 percent of the firm's capital expenses, up to $3 million a year for three years. They also agreed to provide up to $500,000 a year for three years to support training and workforce investment.

The Council on Development Finance asked a few perfunctory questions before approving the grant.

Nick Wasileski, a board member of the Delaware Coalition for Open Government, asked JPMorgan officials to withdraw the request. He noted both JPMorgan's huge profits and the state's own budget difficulties.