Chicago Trading Firms Gets Subsidies to Stay in City

The Chicago Tribune reports:

At least a dozen trading firms have relocated or expanded their offices in Chicago since March 2009, including some that received city subsidies in exchange for pledging to stay in the city and expand their workforces.

In the past, the city has been criticized for subsidizing projects that would have gone forward regardless of assistance. But these subsidies come as the state has lost thousands of high-paying financial sector jobs.

From December 2008 to September the number of financial firm employees dropped by about 3,000 to 48,358 statewide, according to preliminary data from U.S. Bureau of Labor Statistics. About 80 percent of those jobs were in Cook County, where the average annual pay in 2008 was $224,928.

It's good to know Chicago's less favored groups will be subsidizing this.