Thursday, June 21, 2018
Business

DTCC picks Tampa for expansion, adding 255 jobs

TAMPA — In a victory for efforts to lure higher-paying jobs to the area, the Depository Trust & Clearing Corp. is adding 255 positions at its New Tampa campus.

DTCC on Monday also pledged a $4.8 million investment in its local campus, which it established nine years ago as a backup to its financial hub in New York.

The expansion has been percolating for months. In November, local economic development officials said Depository Trust's injection of 255 more jobs would go to either Tampa or its Jersey City, N.J., operation.

Tampa won out based on several factors, including recruitment potential and quality of living for its employees, the company said. Another inducement: about $4 million in state and local incentives, including $1.23 million from the state's Quick Action Closing Fund and $1.79 million through the Qualified Targeted Industry program.

The firm, which currently has almost 600 employees in New Tampa, is responsible for clearing the bulk of U.S. securities trades. Owned by major Wall Street firms, DTCC last year processed securities trades worth a stunning $1.6 quadrillion (that's a thousand trillion).

With the expansion, DTCC said it will continue to improve its technology, facilities and resources needed to provide secure transactions for clients.

"Tampa is an excellent environment for businesses to grow and thrive, and it has proven to be the right choice for us," said Eric Miller, head of DTCC Tampa. As proof of Tampa Bay's importance, Miller noted how the company was able to transfer trading from New York to Tampa when Hurricane Sandy struck the eastern seaboard. "We didn't skip a beat," he said.

An important cog in the global securities market, DTCC underwent a rude awakening after the Sept. 11, 2001, terrorist attacks. Feeling vulnerable, the company decided to decentralize some processing functions and support staff, seeking a location far removed from New York as a secondary base.

State and local leaders lured the firm to Tampa with $6 million worth of incentives.

It was part of an ambitious vision at the time to turn the area into "Wall Street South," a mecca for high-end financial services jobs.

Since then, with a few notable exceptions, most call center jobs created throughout the region haven't lived up to that promise. In fact, many new jobs statewide are in historically lower-wage industries such as retail, tourism and home health care.

DTCC is one of the standouts.

Average compensation for its new hires will be more than double the regional average salary of $46,000, the company pledged. The new jobs, which will be phased in over three years, include information technology, operations, human resources and finance.

For more information about available positions, go to www.DTCC.com/careers.

Jeff Harrington can be reached at (727) 893-8242 or [email protected]

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