New TD centre to create up to 575 jobs in Moncton over 6 years
Company that reported $2.5-billion profit during first quarter to get up to $9M from provincial government
The TD Bank expects to create up to 575 full-time jobs in Moncton over a six-year period when it opens a business services centre in 2019 with up to $9 million in help from the provincial government.
"Moncton is the right place, with the right people to deliver the legendary experiences our customers expect," Colleen Johnston, group head responsible for Direct Channels at TD, said about Wednesday's announcement.
Recruitment and training information about the customer service jobs will be released once a location has been secured, officials said.
The new call centre, TD's second in New Brunswick, will add about $109 million to the province's GDP over the six years, according to a government release.
"Business services centres provide thousands of New Brunswickers with employment and contribute greatly to our economy," said Premier Brian Gallant. "It is great to see New Brunswick's strong workforce attract yet another significant investment by a multinational business."
$6.8M forgivable loan has conditions
TD, which reported $2.5 billion in profit during the first fiscal quarter, will receive $6.8 million from Opportunities NB in the form of a forgivable loan to help defray the capital costs of establishing the centre.
Opportunities NB came under fire earlier this year when CEO Stephen Lund refused to reveal whether companies receiving taxpayer money were hitting their job-creation targets.
Lund acknowledged BMM was "behind" in the creation of its promised 1,000 jobs in Moncton, but he would not tell Progressive Conservative member Kirk MacDonald if other companies were creating more, fewer or roughly the number of jobs that had been announced.
Under the terms of the TD agreement, $2 million will be advanced once TD signs a lease in the Moncton area and another $2.4 million once employees are taking calls at the facility.
The final $2.4 million will only be given when the company "can show it has employed 200 full-time equivalent employees at the facility," the government said in a statement.
$2.1M through One Job Pledge
The Department of Post-Secondary Education, Training and Labour will also contribute about $2.1 million through the One Job Pledge program, plus an additional $150,000 through Canada/NB Grant Program for Training.
The total financial assistance received will be conditional on the number of employees hired through the One Job Pledge program, according to the statement.
Under the program, employers are eligible to be reimbursed $10 per hour for a maximum of 40 hours for employees who are recent post-secondary graduates. Employers pay the employees hired under the program and submit wage claims for participating employees.
TD's existing insurance business service centre in Saint John employs about 700 people.
The new call centre will support a number of TD's business lines.