Also see The Great American Jobs Scam on pushhamburger.com: Bank of America, for example, received two "job retention" subsidies from New York City, in 1993 and in 2004. The 1993 subsidy was given to induce the bank to move employees into the World Trade Center following the 1993 bombing. In exchange for at least $18 million in benefits, the bank promised to retain at least 1,700 jobs in Tower One for 15 years. Instead, it laid off at least 800 people in 1997 after merging with Security Pacific National Bank. This was such a severe drop in employment that the city cancelled the subsidy in 1998, but didn't require Bank of America to refund any past subsidies.