Depository Trust & Clearing Corporation (DTCC) will relocate a significant number of its Northeast U.S. staff to a new location in Jersey City, New Jersey, according to state economic development officials. The company will move approximately 1,600 employees from their current location in New York City to office space in the Newport Office Center on the Jersey City waterfront 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," says Donald F. Donahue, DTCC's chair and CEO. "New Jersey offers us a favorable business climate, convenient access to our customers in the greater metropolitan area, and allows us to disperse our staff more widely for business continuity purposes." The company will maintain a presence and approximately 700 employees in its current location.