DTCC to move 1600 staff from Manhattan to Jersey City

DTCC to move 1600 staff from Manhattan to Jersey City

The Depository Trust & Clearing Corporation (DTCC) says it will relocate around 1600 employees, including IT staff, from its Manhattan corporate headquarters to Jersey City in 2013.

The firm will move into the city's Newport office complex, occupying 415,000 square feet of space vacated by JP Morgan Chase after New Jersey offered a job creation grant worth nearly $75 million over 10 years.

Specialists in financial services, information technology and operations will be among those relocating.

The DTCC says the decision to move comes after more than a year of work with real estate firms and talks with New Jersey and New York officials. Explaining the decision, CEO Donald Donahue credited the "aggressive outreach" of New Jersey governor Jon Corzine.

Says Donahue: "We looked at numerous options, but in the end we concluded that relocating these operations to New Jersey would allow us to manage our cost structure and position the company for continued business expansion in the years ahead."

However, the clearer will retain about 700 staff in Manhattan "in recognition of the fact that New York remains the principal financial centre for the US" says Donahue.

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