The Financial Services Unit of Ernst & Young, the global London based business services and accounting firm, says, if it can win incentives from San Antonio and Bexar County taxpayers, it will open a new customer service operation in San Antonio which will employ up to 600 people, News Radio 1200 WOAI reports.
Ernst and Young currently employs about 200 people in a downtown office. The company says its plan is to construct and furnish a new 54,000 square foot location in the Farinon Office Park, a fast growing location west of I-10 near Dezavala on the northwest side
."The business climate we’ve created in Texas encourages successful companies like EY to choose the Lone Star State for growth and expansion opportunities," said Governor Greg Abbott. "This pro-business approach isn’t just good for job-creators, but provides Texas job-seekers an abundance of opportunity in diverse fields. That is exactly what this announcement from EY will provide, and I thank them for their investment in Texas and look forward to their continued success.”
But first, the taxpayers will have to shell out. Officials say both local 'incentives' from the Bexar County Economic Development Incentive Fund and a state grant have been approved.
Both San Antonio City Council and Bexar County Commissioners are expected to rubber-stamp a 6-year, 100 percent tax abatement on new real and personal property investment. The tax abatement would be contingent on a minimum investment and a minimum number of jobs being created at above a specific wage rate.
Ernst & Young, which is one of what are called the 'Big Four' corporate accounting firms, says it plans to employ 'financial and information technology professionals to support our Advisory business in delivering financial services to clients who conduct business in wealth and asset management, banking and capital markets, and insurance.'
“This decision by EY proves that San Antonio is a great place to create jobs," retiring Alamo Heights State Representative and House Speaker Joe Straus said. "These new EY employees will make an immediate and substantial contribution to our community and our local economy. I was proud to support this application for an Enterprise Fund grant and will keep working to ensure that Texas is taking the right steps to attract private-sector investment in the future.”