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Press Release
October 13, 2009
3 minute read

GOVERNOR CORZINE APPLAUDS MAJOR FINANCIAL SERVICES FIRM’S DECISION TO RELOCATE TO NEW JERSEY





The Depository Trust & Clearing Corp. Plans to Bring 1,600 Jobs to Jersey City

Deal Boosts EDA Assistance to Nearly $2.5 Billion Since 2006
Supporting Approximately 80,000 Jobs

 



Jersey City, N.J. (October 13, 2009) – Governor Jon S. Corzine lauded today’s announcement by The Depository Trust & Clearing Corporation (DTCC) as a win for New Jersey following months of discussions with the company to bring major operations and 1,600 jobs across the Hudson River to New Jersey.

 



“We are thrilled that DTCC has recognized the advantages to doing business in our State, and we applaud its decision to bring its people and operations to New Jersey,” said Governor Corzine. “We have been working very closely with the firm to bring these professional, well paid jobs to New Jersey, and today, we have an agreement in place.”

 


Under the terms of the long-term lease, DTCC will relocate about 1,600 staff members to the Newport Office Center in Jersey City, on the Hudson River waterfront across from Manhattan, with employees expected to move in early 2013. DTCC will occupy a total of 415,000 square feet of space in the Newport Office Center.

 


“After lengthy deliberations with officials in New York and New Jersey, we have concluded that a move to New Jersey is the right decision,” said Donald F. Donahue, DTCC Chairman and CEO. “New Jersey offers us a favorable business climate, convenient access to our customers in the greater metropolitan area and also allows us to disperse our staff more widely for business continuity purposes. New Jersey will benefit from an infusion of 1,600 highly-skilled professionals who specialize in financial services, information technology and operations. We are also excited to tap into New Jersey’s skilled workforce as our business grows in the future.”

 


Donahue credited support from Governor Jon Corzine and the state’s economic development team, including Chief of the Office Economic Growth Jerry Zaro and New Jersey Economic Development Authority (EDA) CEO Caren Franzini, as the company evaluated its relocation strategy.

 


“New Jersey’s natural strategic advantages and Governor Corzine’s enhanced business-friendly measures speak for themselves,” Chief Zaro said.  “Relocation of such an internationally recognized and prestigious company to Jersey City is a powerful signal to other companies to give renewed consideration to New Jersey as a permanent home.  This a huge win for our local, state and regional economy.”

 


New Jersey’s advantages were a key factor in the company’s decision, including the competitive costs for a long-term lease, availability of infrastructure support, accessibility to DTCC headquarters and the ability to recruit highly-skilled staff to the location.  The company will also benefit from economic incentives offered through EDA, including the Business Employment Incentive Program (BEIP) and the newly authorized Economic Redevelopment and Growth (ERG) Grant Program, which Governor Corzine signed into law in July as part of the Economic Stimulus Act of 2009.  The grants will support DTCC’s relocation of a portion of its corporate staff functions in finance, legal, regulatory, human resources, specialized IT and product development from its Manhattan headquarters to Jersey City.

 


The Depository Trust & Clearing Corporation (DTCC), through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with financial firms and third parties that market these products.

 


DTCC’s depository provides custody and asset servicing for more than 3.5 million securities issues from the United States and 117 other countries and territories, valued at $27.6 trillion. Last year, DTCC settled more than $1.88 quadrillion in securities transactions. DTCC has operating facilities in multiple locations in the United States and overseas.

 


In September, the Administration announced that since 2006, the EDA had finalized over $2.4 billion in financing assistance, business incentives and tax credits, and supported nearly 1,330 projects across the state of New Jersey. The assistance is expected to leverage more than $6 billion in total public/private investment and lead to the creation of an estimated 37,500 permanent jobs and 42,500 construction jobs in the state. Since that announcement, the EDA has finalized an additional 9 projects, including DTCC, involving an additional 1,713 estimated new jobs and $78.9 million in EDA assistance.


 

 

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