By Serena Solomon
DNAinfo Reporter/Producer
Downtown Manhattan is set to give up 1,600 financial jobs to Jersey City after the city lost an expensive bidding war to keep a financial firm from moving across the Hudson.
On Tuesday, New Jersey Governor John Corzine announced his state's coup in luring the Depository Trust and Clearing Corporation from its current residence is at 55 Water Street in 2012.
But Corzine, who is engaged in a bitter battle against Chris Christie to keep his seat, had to pay dearly for the jobs. New Jersey has offered $74.6 million in tax subsidies to keep the Depository Trust on its shores, along with another $14.6 million to renovate its office space.
A quick calculation shows that is $55,750 per job.
New York City Economic Development Corp spokesman David Lombino declined to say how much the city had offered.
"We’d like all of its (DTCC) operations to be here," wrote Lombino in an email, "but we’d rather use scarce taxpayer dollars to invest in our future than engage in a reckless bidding war with New Jersey.”
Gov. Corzine's office estimated the Depository Trust move will bring New Jersey $278 million over 20 years.
The Financial District has been shedding jobs ever since the implosion on Wall Street last year.
The New York State Department of Labor put the city's unemployment rate at 10.3 percent this September, the highest level since 1983. Currently, the department considers 415,800 people in New York City to be unemployed.
Some good news for downtown Manhattan. Even with 1,600 staff moving to New Jersey, the Depository Trust will be keeping its corporate headquarters at Water Street with 700 staff.
