Gov. Kathy Hochul announced Tuesday, Feb. 24, that Broadridge Financial Solutions will invest $78 million to modernize its Long Island operations and will keep 2,200 jobs in the state, including many positions on Long Island.
The agreement with Empire State Development includes up to $40 million in state incentives if Broadridge retains jobs and makes capital improvements.
The deal also “establishes a first-of-its-kind Innovation Partnership” with Stony Brook University to advance research on workforce development.
Broadridge CEO Tim Gokey said the company is excited to announce this expansion on Long Island.
“As a leading global financial technology company, Broadridge is proud to call New York home as we leverage transformative technology to help our clients and the financial services industry operate, innovate and grow,” Gokey said.
“New York is fighting for good-paying jobs and this agreement shows we’re delivering,” Hochul said in a statement.
“Broadridge’s investment will keep 2,200 jobs on Long Island and in New York City while modernizing critical operations and strengthening our economy.”
Broadridge, which is headquartered in Lake Success, provides technology services to financial institutions. The company has over 15,000 employees worldwide, including a significant portion based in New York.
The state will provide $23.5 million in capital grants, up to $1.5 million in performance-based Excelsior Jobs Program tax credits and a $15 million Innovation Partnership Grant. The incentives are set to fund machinery and equipment upgrades as part of the $78 million project.
The AI Digital Innovation Partnership with Stony Brook University is expected to advance artificial intelligence research and development while creating training and workforce development opportunities for students and workers in emerging technologies.
Stony Brook University President Andrea Goldsmith said the partnership will expand AI education, research and workforce development opportunities.
Broadridge also participates in New York Power Authority’s ReCharge NY program, which provides low-cost power to support job retention and creation.
The company currently receives 2,400-kilowatts of power to support more than 1,700 jobs. The Power Authority’s board is expected to review an application to extend its energy support at an upcoming meeting.
Empire State Development President, CEO and Commissioner Hope Knight said the project ensures the company’s jobs remain part of New York’s economic future.
“By supporting modernization and long-term growth, we’re helping reinforce New York’s leadership in financial technology while delivering real opportunities for workers and communities,” said Knight
Empire’s chairman, Kevin Law, said the investment reinforces Long Island’s position as a hub for financial services and technology.
“Broadridge has deep roots on Long Island, and this project reinforces the region’s strength as a home for innovative companies and skilled workers,” he said.
“Keeping these jobs here provides stability for our communities and helps ensure Long Island remains an important hub for the financial services industry.”
