The Depository Trust & Clearing Corporation is moving 1,600 employees to Jersey City, across the Hudson River from Manhattan, the still-Manhattan-based company revealed in a press release Tuesday.

The move will not take place until early 2013, since the mutual fund transaction processor's downtown Manhattan location's lease does not run out until the end of 2012.

The New York Times reports that "an incentive package worth $74.6 million over 10 years" that New Jersey offered swayed DTCC.

"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," stated Donald F. Donahue, chairman and CEO.

Nevertheless, DTCC will continue to make its headquarters in lower Manhattan. Where, exactly, is still under negotiation, the release said. 

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