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New Jersey Nabs New York Jobs

JERSEY CITY-Thanks to a handful of state incentives, the Depository Trust & Clearing Corp. will move 1,600 employees across the Hudson in 2013.

By Alyson Grala | Updated on October 14, 2009

JERSEY CITY-The Garden State is gaining a new tenant courtesy of Wall Street. In 2013, the Depository Trust & Clearing Corp. will move 1,600 jobs to 415,000 square feet of now-vacant space at the Newport Office Center here.

Although the DTCC decline to comment, a company statement notes that it will retain 700 employees, and the headquarters, at 55 Water St. in New York City. According to Jerry Zaro, head of the New Jersey Office of Economic Growth, the state Economic Development Authority has already approved just over $79 million in tax incentives.

DTCC will also benefit from economic incentives offered through the EDA, including the Business Employment Incentive Program and the newly authorized Economic Redevelopment and Growth Grant Program, which Gov. Jon Corzine signed into law in July as part of the Economic Stimulus Act of 2009.

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