Synchrony Financial to receive up to $20 million in state aid to expand operations

Industries Associated Press

A Stamford-based financial services company will receive up to $20 million in state aid under a deal to expand its operations in Connecticut.

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Gov. Dannel P. Malloy's office announced Tuesday that Synchrony Financial has agreed to create up to 400 new full-time jobs, while retaining the 310 it already has at its Stamford headquarters.

In exchange, Synchrony will receive a $10 million grant for the first 200 new jobs it creates and up to $10 million more with additional hiring under the state's First Five program.

The state has committed more than $330 million in assistance to 13 companies who have agreed to create jobs in Connecticut under the First Five Program.

The deals are negotiated by the Malloy administration and do not require legislative approval.