DTCC To Relocate to New Jersey

DTCC plans to relocated a significant portion of Northeast staff to New Jersey.

The Depository Trust & Clearing Corporation (DTCC) today announced plans to relocate a significant portion of the DTCC staff based in the Northeast U.S. to a new location in New Jersey when its current lease expires at the end of 2012.

Under the plan, DTCC will relocate about 1,600 staff members to Newport Office Center in Jersey City, on the Hudson River waterfront across from Manhattan, with employees expected to move in early 2013.

“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, in a company release. “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 the aggressive outreach and support to Governor Jon Corzine and his economic development team, including Chief of the Office of Economic Growth Jerry Zaro and New Jersey Economic Development Authority (EDA) CEO Caren Franzini as the company evaluated its relocation strategy. He also acknowledged the hard work and support of Jersey City Mayor Jerramiah Healy and Hudson County Executive Thomas A. DeGise.

“Governor Corzine and the New Jersey Economic Development Authority actively pursued DTCC and were very responsive to our needs and concerns throughout this process,” Donahue said. “The Governor personally called me several times to discuss the economic and business advantages of relocating to New Jersey and made a persuasive case on the benefits of this move. The process, which began last year, considered a wide range of variables. 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.”