Deutsche Bank proposes 1,000-job hub

[stephenc]

just got this off of the times union

Jacksonville on list for Deutsche Bank hub
Posted: Thursday, May 8th, 2008 at 12:00 pm
By DAVID BAUERLEIN
The Times-Union
Deutsche Bank, a global financial powerhouse, has put Jacksonville on its shortlist of cities for a hub that would employ 1,000 people on the Southside, according to the Jacksonville Economic Development Commission.
The JEDC on Thursday approved a package of financial investments that would be matched by state government to attract Deutsche Bank.
The proposal, which goes next to City Council, would earmark up to $884,071 in city dollars. The city would call on the state to put forward at least $3.9 million.
Deutsche Bank is considering other sites in the Southeast, said Lindsey Ballas, business development chief for JEDC. She said Jacksonville’s reputation as a financial center attracted Deutsche Bank’s attention because the city already has an experienced workforce in the financial sector.
She said Jacksonville officials don’t know what other cities are on Deutsche Bank’s shortlist. But the company currently has a location in Nashville that could be expanded, according to a JEDC summary. North Carolina and Alabama have competed with Jacksonville for such development deals in the past.
Deutsche Bank is eyeing office space on the Southside at 5022 Gate Parkway where Mortgage IT, a subsidiary of Deutsche Bank, is located.
http://news.jacksonville.com/justin/2008/05/08/jacksonville-on-list-for-deutsche-bank-hub/

What a shock.

[Jason]

Oh well.  At least another 1,000 jobs could be comming to town.

[thelakelander]

There was zero chance that they would ever realistically consider downtown Jacksonville, so the location is definately not suprising.

The location is on Gate, just south of the JTB interchange.  I hope someone has some serious road infrastructure improvements planned for that area.

[JeffreyS]

There was zero chance that they would ever realistically consider downtown Jacksonville, so the location is definately not suprising.

The location is on Gate, just south of the JTB interchange.  I hope someone has some serious road infrastructure improvements planned for that area.

I hope we get some nonroad transit improvements.

[fightingosprey07]

The Jacksonville Economic Development Commission has approved the city portion of three incentives for Deutsche Bank that would total nearly $4.8 million statewide.

Commissioners unanimously approved $884,071 from the city in the hope that one of the world's largest financial services companies will select Jacksonville as the site for its new Southeast "nearshore" operations hub bringing in 1,000 new full-time jobs to the area by the end of 2011.

On Monday, The Business Journal reported the bank was considering Jacksonville among sites where it would place operations for two of its subsidiaries, DB Services New Jersey Inc. and DB Security Services New Jersey Inc. The positions, in investment banking and technology, will have an average wage of about $49,200 plus benefits.

About 950 positions will be local hires and the 50 others will be reallocations from the bank's New Jersey and New York operations, said Mike Anson, a Deutsche Bank managing director who spoke before the JEDC Thursday.

The bank will invest about $49.2 million in annual payroll and $12.1 million in tenant leasehold improvements and infrastructure. A mortgage subsidiary of the bank, Mortgage IT, is partially occupying 51,000 square feet of office space on the Southside. The company has proposed leasing and renovating 100,000 square feet to 125,000 square feet of space.

Anson told the JEDC that Deutsche Bank could not ensure it would build operations in Jacksonville just based on receiving all the incentives, but if it did receive them, "the likelihood of coming to Jacksonville is very high."

The city incentives must also be approved by the City Council.

If the company selects Jacksonville, Anson said, it will begin moving in "shortly after" the council approves the incentives.

[Jason]

Sounds to me like these guys were interested in Jacksonville all along and were just fishing around for a the best deal.  Can't blame them because their impact on Jax, in the midst of the shaky economy and layoffs around town, will be VERY beneficial.

[thelakelander]

Hiring 950 local residents would be icing on the cake, if they come.

[Beloki]

Deutsche Bank is a smart company; they know that Jax is going to be a very big port and they will become  the first big international bank with a large presence in Jax. I wouldn't be suprised if more int. banks will follow. More business will attract more business and I believe that Jax Port is the big engine!