Synchrony Financial, a premier consumer financial services company headquartered in Stamford is expanding its operations in the state with the hiring of up to 400 new associates in Connecticut.
"We're making significant gains - just yesterday our unemployment rate dropped to the lowest point since 2008. Our strategy is working. 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," said Governor Dannel P. Malloy. "Today's announcement that a financial services and technology innovation leader is adding hundreds of new jobs here demonstrates that Connecticut is moving forward."
Synchrony Financial traces its roots in consumer finance to 1932 and today is the largest provider of private label credit cards in the United States based on purchase volume and receivables.
According to the Governor’s Office 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.
"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 Financial President/CEO Margaret Keane said.
"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," said Catherine Smith, Commissioner of the Connecticut Department of Economic and Community Development. "It is a project that reaffirms the strength and diversity of the state's financial services sector."