http://www.bizjournals.com/jacksonville/blog/2012/11/deutsche-bank-expansion-could-be-game.html
QuoteBy the end of the year, 200 of Deutsche’s 1,400 Jacksonville employees will be investment bankers who specialize in sales, trading, origination, corporate finance and research. Building a front-office presence in Northeast Florida has evolved from an initial experiment in 2010 to a major component of the German investment bank’s American strategy.
QuoteThat’s a major boon for the city â€" it’s high-paying, white-collar job creation. But it could mean even more if other major banks take notice of Deutsche’s game plan and see the potential of a more cost-effective way of handling front office operations in Jacksonville. Bank of America Corp. (NYSE: BAC), for example, has supported Downtown Charlotte, N.C., revitalization efforts for decades.
Some good news for Jacksonville. Nice to hear a positive comparison to Charlotte.
Agreed. I'd like to hear more on their expansion plans.
Are these jobs downtown?
^No, they're in their Southside locations. It's still been a great boon for the city.
QuoteJACKSONVILLE, Fla.—Giving up New York winters in favor of the Florida sun: It isn't just for retirees anymore.
Deutsche Bank is playing a leading role in Wall Street's transition away from the narrow New York street that is the industry's namesake. It is part of a frenzied cost-cutting effort across the banking industry, where flagging revenues are pinching profits.
Deutsche Bank, the Frankfurt-based lender that is one of the world's largest by assets, is trying to save €4.5 billion ($6.1 billion) annually by 2015. Part of its strategy can be found in a Jacksonville office park, where palm trees were swaying outside on a recent balmy day and where costs, for both the bank and its employees, are a fraction of what they are in New York.
From today's Wall Street Journal, paints the city in an excellent light as a great place to live and a smart place to locate your business.
http://m.us.wsj.com/articles/a/SB10001424052702304176904579112822472241240?mg=reno64-wsj (http://m.us.wsj.com/articles/a/SB10001424052702304176904579112822472241240?mg=reno64-wsj)
^^Don't tell some of the negative Nancy's on this site that! haha It would be cool if DB were downtown and had their signage on a building for all to see.
Do you have another link to the story? The one above doesn't seem to work for me. It tells me the article is no longer available.
Try this one: http://online.wsj.com/article/SB10001424052702304176904579112822472241240.html (http://online.wsj.com/article/SB10001424052702304176904579112822472241240.html)
DB is a very progressive company from a sustainability perspective. I'm sure their European roots play a role in that. Assuming it is affordable, I would guess that they would be open to the concept of downtown Jacksonville (or improving the urbanism of their present location).
Wonderful news...I hope they build a building or move into another building downtown.
Quote from: JohnnyG on October 09, 2013, 10:13:19 AM
Try this one: http://online.wsj.com/article/SB10001424052702304176904579112822472241240.html (http://online.wsj.com/article/SB10001424052702304176904579112822472241240.html)
Thank you, I posted from phone so may not work on computers.
Got to love the sub title on the article, surfboards and a sea of parking. haha
I doubt DB moves DT; sounds like they are in Jax for cost-cutting reasons and while rents on the SS could ironically be higher than rents DT (we're talking the difference of a $1 or two), their overall costs to be DT are surely higher, thus defeating the whole Jacksonville purpose.
Deutsche Bank is in my building in SF coincidentally and we are hiring someone from DB to work with me in asset mgmt :), and we're hiring someone from another IB across the street that exclusively handles tech M&A to be in acquisitions for us. They aren't putting their best and brightest analyst and junior level roles in Jax despite it being one of the only offices they have that services corporate clients (as opposed to private wealth management, which is typically the extent of finance in Jax). They're not trying to replicate the downtown banking culture that's really only found in NYC, Boston, SF, Chicago, and to a smaller degree LA and Houston.
Banking requires a large and defined business presence. NYC = diversified. Chicago = industrials. SF = tech and healthcare. Boston = healthcare. LA = gaming/lodging/media. Houston = oil & gas. Jax = ? "outpost"
IBs need to be near their clients, and with none of their clients necessarily concentrated in DT Jax, or really in Jax at all, the SS is a logical "cost-cutting" area to locate a secondary campus in, and the appeal of office in Jax for transplants is the "campus" with the swaying palm trees as the article states. Not the dated half empty DT office building that is not near a lot of restaurant choices. Lol
well that is a buzzkill Simms
Another game changer? I remember when AOL was the game changer. lol I must ask though, what is the game these days?
Here's the Daily Record, commenting on the Journal piece:
http://www.jaxdailyrecord.com/showstory.php?Story_id=540731
Deutsche is investing heavily in their campus and bringing a lot of jobs. Their Southside location is part of their strategy here, and bringing this much investment in has been a major positive for the city.
I was right. haha
Quote from: simms3 on October 09, 2013, 12:08:16 PM
I doubt DB moves DT; sounds like they are in Jax for cost-cutting reasons and while rents on the SS could ironically be higher than rents DT (we're talking the difference of a $1 or two), their overall costs to be DT are surely higher, thus defeating the whole Jacksonville purpose.
Earlier this year, I participated in a three person panel discussion with Michael Drexler of Deutsche. Based on his comments that day, I'll second the notion of not expecting them to be moving anything near DT.
QuoteDrexler of Deutsche Bank shared his views about "The Migration of Business from High Cost Urban Centers."
He said Deutsche Bank in 2010 moved 10 investment traders to Jacksonville and the move worked out so well that there are 220 investment bankers here now and that number "should double in the next 18 months."
"We realized we needed to reorient ... to a broader group of people," he said.
Drexler said Jacksonville was attractive because Florida does not impose a state income tax, it is a two-hour flight to New York and offers a quality of life.
"I've been here 18 months. I think from a business perspective the advantages of Jacksonville are quite profound," he said.
Comparing the area's attractiveness of the ease of transit to Davis's support of urban development, Drexler said the Deutsche Bank investment bankers like the quality of life in a more open setting.
"I like to be able to drive where I want and park in front," he said.
"Having lived in New York City," he said, "be careful what you wish for." He referred to the issues related to mass transit, density and parking.
full article: http://www.jaxdailyrecord.com/showstory.php?Story_id=538565
Quote from: Tacachale on October 09, 2013, 01:01:43 PMDeutsche is investing heavily in their campus and bringing a lot of jobs. Their Southside location is part of their strategy here, and bringing this much investment in has been a major positive for the city.
The location and expansion of companies like Deutsche will help fuel additional infill development around Tinseltown and SJTC.
Simms is right about them not moving DT...doesn't make him a negative nancy, just a realist.
That said, Deutsche Bank is great for Jacksonville. I don't think they hire much locally for the big time management/investment banking positions. 80% of their investment bankers in Jax are from Georgia Tech, Emory, UNC, Vanderbilt, and Tulane, with the rest from NYC or Chicago. The IB's here may not be from MIT or Wharton, but they are still a different caliber of worker than we normally get in Jax...plus there are still a lot of good operational type jobs that pay well too. I know a few locals that have jobs at DB that are better than they could get anywhere else in Jax. It would be great if they were DT, but better on the southside than not here at all.
I occasionally meet corporate types who have relocated to Jax and they typically do so for the weather, the beach, golf, and cost of living. This leads to a lot more of them living in Ponte Vedra or Atlantic Beach, than San Marco, Avondale, or Ortega. Which I believe leads to a preference of the southside over Downtown, even if the operational costs are similar.
Jacksonville needs for jobs that bring interesting people to town and bring more jobs for us too.
QuoteAnother game changer? I remember when AOL was the game changer. lol I must ask though, what is the game these days?
+1
Jacksonville gets used by the Financial Institutions for one thing, cheap labor/low cost of living. Once our labor costs rise and it costs more to do business here, they are off to a 3rd world company.
Enjoy the DB news while it lasts, cause it never does. Not a downer, just a realist because we have all heard this music in the past, do some research and you will see it all around the southside business parks with regard to the financial service companies.
I know for a fact that they are looking at Butler Plaza at the corner of JTB and Bellfort. We at British Airways are vacating 2 1/2 floors of Butler Plaza 2 when we close at the end of the year. They are also looking at taking the entire building in front of us that was recently vacated.
The actual story in the WSJ was extremely flattering for Jax. Even quoted some younger people who were thrilled with the move from NYC to Jax and even one who recently declined a move to NYC because they did not want to leave. Sure don't hear those types of comment about Jax often, especially from young professionals! I am sure Simms will set us straight though on the lowly young professionals though since you know they aren't the real top level ones. ::)
"The first time I visited Jacksonville was at the interview, and the first thing I thought was, 'It's so green, and it's so clean,'" . More positive press impact in one line than in a year of chamber of commerce promotion!
As much maligned as the Jacksonville Super Bowl was in the sports press, a lot of visitors from the northeast remarked on how clean the city is.
Most visitors are most always impressed with Jax. I toured someone around the other day from Miami and he was amazed at the river and older neighborhoods that surrond downtown.
Quote from: Wacca Pilatka on October 10, 2013, 04:05:28 PM
As much maligned as the Jacksonville Super Bowl was in the sports press, a lot of visitors from the northeast remarked on how clean the city is.
Quote from: jaxtrader on October 10, 2013, 03:39:42 PM
"The first time I visited Jacksonville was at the interview, and the first thing I thought was, 'It's so green, and it's so clean,'" . More positive press impact in one line than in a year of chamber of commerce promotion!
I've made this remark upon visiting, as well, but I think it depends on the area. PVB, the SS, San Marco, and DT along the riverwalks seem very clean, new, and tidy...dare I say "organized"? These are the parts visitors see, which is important. But Jax and other southern cities have a different kind of grit than denser NE cities.
You can't escape human misery in SF or Manhattan no matter where you are, whereas in Jax you can live in PVB and work around Gate Parkway and never see human misery, towering public housing projects, homeless camps, human feces on sidewalks, needles, gang tags, etc, and so by default that makes whole sections of the city extremely clean, unmatchable by most cities really.
But in-town, I wouldn't say the "wealthy areas" such as Ortega and Avondale are as put together as they should be (let alone the poor areas, which take on an almost poor, rural appearance with junkyards and sparse, dilapidated buildings) and the city can't maintain its own ROW, let alone residents take care of their houses properly. More of a southern thing, which is why cookie cutter suburbs in Atlanta and PVB in Jax are so popular with northern/CA transplants.
Jacksonville has somewhat of a bad reputation in parts Florida and outside of Florida, at least partially because of Orlando and Miami (South Florida) in my opinion. People (and media) in those places generally speak poorly of Jax, which doesn't help our perception. Its kind of like New York and New Jersey. New Jersey is not even remotely close to as bad as it is portrayed by the New York media, but in the average American's mind its the worst place on earth. When I visited my wife's family in Jersey I was shocked at how nice that part of the state was. Low and behold, its actually the 2nd wealthiest state in the US and has some extremely nice areas.
Same thing happens in Jax too. When many people visit and see our good sides like the In-Town neighborhoods, the Beaches, Amelia Island, Town Center, and St. Augustine they are genuinely surprised. I can't count on my hands how many times I've had out of towners tell me how crappy Jax was, to which I then would say, "well have you been to San Marco? Have you been to Riverside/Avondale? Have you been to Beaches Town Center?" To which they would typically say no, and make a remark about how its just a sprawling city of strip malls and fast food joints. I've had a few of those people later say they visited the good parts of Jax I told them about and admit that it is actually quite nice.
There is definitely a perception issue with Jax. We need to do a better job of promoting ourselves around the state and nation, and articles like this go a long way towards that.
Unfortunately to most their perception is downtown. And hence why they have a less than stellar view of Jax.
For those who read the WSJ, the companion piece to this story was about how since the 2008 recession, banks have been leaving NYC. Now the traditional banks are realizing that a physical presence on its namesake street has no real benefit. There are other companies looking to Florida, and to Jacksonville (my employer included) and I feel in the next five years we will see more and more traders, analysts and top tier market positions based in the southeast. It simply comes down to feasible economics. Why should a company pay more for office space and personnel if they can get same quality elsewhere for less?
All that being said, what is most shocking to me is that how the people who bad mouth the city and complain about its "backwardness" are usually from Jacksonville or have lived here 15+ years. When someone hears a cities own residents talk about how it's such a bad place, that usually translates to gospel and becomes word of mouth hysteria.
I loved this article, and as those who know me in NYC know, I never miss an opportunity to talk about how great Jax is, and push my company to move me back permanently.
I saw someone on this forum before say "Jacksonville's biggest problem is Jacksonville" (apologies for not remembering poster to credit) and oh how true that is.
^+1000. Before Jax I lived in Cleveland and it was the same way. And I actually loved Cleveland and natives couldn't understand how that was possible.
I grew up in the Northeast and spent much time between NY, Philly, and Pittsburgh. I really love Jax. I am not sure why, but I do. I think it is hard to compare Jax to a city of 5+ million and wonder why it isn't as cool and productive. I am not defending the local politicians, because they truly do hold this city back, but Jax has great neighborhoods and neighborhood groups.
Quote from: JayBird on October 10, 2013, 05:40:51 PM
All that being said, what is most shocking to me is that how the people who bad mouth the city and complain about its "backwardness" are usually from Jacksonville or have lived here 15+ years. When someone hears a cities own residents talk about how it's such a bad place, that usually translates to gospel and becomes word of mouth hysteria.
I saw someone on this forum before say "Jacksonville's biggest problem is Jacksonville" (apologies for not remembering poster to credit) and oh how true that is.
If you think Jaxson's talk bad about Jax, ask people from South Florida or to a lesser extent Orlando and Tampa what they think. I went to school at FSU for 6 years, hung out with UF friends a lot and have hung out with a lot of people from other parts of the state. Also have family from all over the state and a wife from South Florida.
Part of it is a competition thing. Part of it is a cultural thing...and it also goes both ways, as you rarely hear a Jaxson say anything good about Miami or Orlando either.
I grew up in Central Florida. Jax was known as the Armpit of Florida. However, to be honest, back in the 80s that was a very deserved slogan. Nevertheless, I never appreciated the area until visiting after college and driving through neighborhoods I had never seen. For the first 24 years of my life, all I ever really saw of Jax was the Northside, Arlington, Orange Park and what you can see from traveling on I-95 and I-295. I could tell you a lot about 80s Springfield, Gateway Mall, Soutel, Durkeeville, Lem Turner, etc. but I never visited the beaches, traveled past UNF, checked out Riverside, San Marco, etc. before taking a job here in 2003.
Quote from: CityLife on October 10, 2013, 06:22:12 PM
Quote from: JayBird on October 10, 2013, 05:40:51 PM
All that being said, what is most shocking to me is that how the people who bad mouth the city and complain about its "backwardness" are usually from Jacksonville or have lived here 15+ years. When someone hears a cities own residents talk about how it's such a bad place, that usually translates to gospel and becomes word of mouth hysteria.
I saw someone on this forum before say "Jacksonville's biggest problem is Jacksonville" (apologies for not remembering poster to credit) and oh how true that is.
If you think Jaxson's talk bad about Jax, ask people from South Florida or to a lesser extent Orlando and Tampa what they think. I went to school at FSU for 6 years, hung out with UF friends a lot and have hung out with a lot of people from other parts of the state. Also have family from all over the state and a wife from South Florida.
Part of it is a competition thing. Part of it is a cultural thing...and it also goes both ways, as you rarely hear a Jaxson say anything good about Miami or Orlando either.
I recently met someone here in CA from Central FL originally and when I mentioned I was from Jacksonville his reply was, "Wow, you're really..."polished", for someone from Jacksonville". I get that "insult" a lot and while I sound like I'm a negative guy on here in Jax specific forum, I'm a really big "defender" publicly. I think most people who leave Jax are not only in a position to leave (which let's be honest, sadly lots of people aren't very mobile) and have an ambitiously strong desire to leave to go live in a big city. Conversely, it requires an mobility and an ambitiously strong desire to leave a big city for a smaller city/suburbs/small town for that to happen.
I think I hear a lot of people trash talk their own "small towns" if they have moved on to a big city or are still "stuck" and looking for opportunity to leave just like I've heard people trash talk "big cities" as being "over it" and looking for something exactly like Jax (generally younger for the former and older demographic for the latter). It's a 2-way street. Actually, some of the most blatant hometown hero boosterism I've heard comes from folks from smaller cities, including Jax, and it can be as strong as an allegiant New Yorker's blatant view that their city is the center of the world (and it is).
And so I must comment on:
Quote from: JayBird on October 10, 2013, 05:40:51 PM
For those who read the WSJ, the companion piece to this story was about how since the 2008 recession, banks have been leaving NYC. Now the traditional banks are realizing that a physical presence on its namesake street has no real benefit.
I completely disagree with this notion and can easily provide a clear argument for why this is not true. I'll hold off and simply say that cities that are already "important" are only becoming more and more important while other cities are trailing and playing "keep up/catch up", maybe stagnating, or even declining (in America). I'd say the "important" cities are NYC, LA, SF, Chicago, DC, Boston, Seattle, and Houston, with Minneapolis, San Diego, Austin, Atlanta, Dallas, Charlotte, Denver, and Philadelphia basically "trailing" at this point. Anything else is merely a trickle down effect of what these cities don't take as far as resources.
Any company that depends on clients (financial services, law firms, design firms, media/PR firms, real estate firms, etc) will always locate where the largest concentration of their clients do business. Their clients are hiring creative types, engineers, MBAs, and scientists among other things, and these people have proven that they prefer to live in big cities upon graduation. Services firms' clients are chasing their talent, no longer the other way around. It all leads back to the same few cities. Not to mention that air travel is becoming more and more important (especially with globalization) and direct connections can make or break a location as a place to do business. Options at JIA are extremely limited and usually require an air-"bus" with a first class that barely offers improvement over economy.
Just saying.
That said, Jax is clearly very attractive for corporations who are themselves a client rather than needing clients for business. If they are looking to relocate their HQ or a division, then Jax does have the "swaying palm trees", golf courses, low cost of living, beach, a low cost business environment that gives out handouts, etc etc. All attractive to the right companies.
^ I agree with your second part, and I too thought no financial company could exist, at least that dealt with trading, asset mgmt and m&a type work without some sort of NYC presence. Then in talking with co-workers I was found to be wrong. The recession forced these companies to get creative in spending and at the same time NYSE went fully computerized. My employer actually announced three months ago that by 2018 we will only have space in NYC for "customer liaison, B2B meetings and other localized services". In fact the entire trading desks will be moved, right now ATL and MIA are the top two possibilities, but it goes to show there is a transitioning happening across the industry and the fact that a new generation is now moving into upper mgmt positions after battling through the recent cuts.
^^^ICE out of Atlanta just bought NYSE last year. Could that be an implication for what you're talking about? ;) I would NOT want to be on a trading desk in Atlanta because there is no "fun" office area in Atlanta to grind away (ICE is taking boring suburban office space as we speak for instance). There's a boutique trading desk in the suite next to me in my office building - I would NOT want to be on a trading desk here in SF/West Coast either due to the difficult off-hours time one has to live their life as a west coast trader.
My company has two investor classes - institutional/sovereign wealth/HNW investors, and retail investors with a investment floor of only $20-$30K. And we have two security types (outside of special accounts) - an open-ended perp and closed-end. We throw our institutional investors in the former and our retail investors in the former.
We cannot be taken seriously when pitching to global pension funds, endowments, sovereign wealth funds, billionaires, etc if we don't have NYC letterhead/address on pitch books/letters. Plus everyone and their mom is in NYC. Only firms that exclusively handle tech investments or O&G investments can forgo NYC for SF or Houston respectively, and still be taken seriously. Even with our retail investors, we have to partner with banks to market the securities, so having a presence in NYC to maintain a relationship with banks up there makes sense, though really you can maintain banking relationships/make pitches to banks in any major city with regional offices and/or a few HQs.
Our guys up in Manhattan get called for spur of the moment meetings somewhere in the city (or conversely they get called to Dubai and must show up within 24 hours). This allows us to win investors. We cannot do that from Dallas, Denver, Pittsburgh, Atlanta, or let alone Jacksonville [or insert small city here].
I think similarly, every law firm that wants to be something/taken seriously must have a New York office. You can look at firms' letter head or books and at the bottom you'll always find the same 5-8 cities, New York being one of them every single time along with Chicago, DC, LA and SF (or Palo Alto).
I still think there's no way this is all changing and the "greener" pasteurs are cost-saving (imo cost-cutting) cities. Having direct access to global markets and the best talent pools is far more valuable than saving money on office space.
Take it from someone who is on the frontlines, NYC and the finance industry as a whole is changing. The 'prestige' that comes with a NYC Address is quickly diminishing, partially due to fund traders using a mail service and working out of Stamford or Providence. Like I said, it isn't going to stop being a financial center ... But to say it can't is just ignoring the shift that is already happening. Foreign investors no longer travel to seal the deal, they can do that over video conference with Skype or Oovoo, and my company is leaving a small office (less than 20 employees) for those who still need that 'prestige'.
Also, as someone who is working on my own divisions budget, NYC is expensive not jus in office space but in payroll taxes, salaries, payroll taxes, health insurance premiums and the cost per employee (bc great mass transit costs $$$). Part of my division is moving to Jacksonville next year, salary projections are $68-85/yr and we were told by local staffing firms that was on the high end. Those positions are currently being paid $80-116/yr in the city. Also, stuff as a simple as office supplies are cheaper bc Boise Cascade doesn't have to pay the state and city surcharges in Florida that is prevalent all over northeast corridor. The low numbers show a savings of over $35M over three years simply by moving operations from NYC to Charlotte-ATL-MIA. That's some serious $$$ and just a small portion of the overall company. And more and more are realizing this. It isn't new, funds have been fleeing the NYC since 2002 to go just about anywhere in the US.
IMO, this is the change of gen Xers moving into the top mgmt of traditional companies replacing the leadership that came from the 50's/60's babies and were raised on Reaganomics business models and food before microwaves ;)
I think that footprint will always be in NYC, but it is obvious to those in the industry that the footprint is becoming more like a size 2 toddler shoe vs the size 23 NBA-er shoe it was during the 80's and 90's. And NYC doesn't mind, the space from banks leaving is actually being snapped up by foreign companies that want an American presence, so the cycle is still progressing.
Also, talent will always follow the money. You can put it out in the Nebraskan plains and they will still get talent if they are paying more than the local average. This is an extremely mobile generation, after all I have a 1200 mile commute every Monday and Thursday.
Can't 100% disagree, per se, and I do realize all of the little intrinsic costs working in a similar high cost city/state myself. I don't think the change will be nearly as drastic as you say it will. A good 80-90% of my friends outside of Jacksonville are in finance, with many up in NYC, so we talk and they aren't leaving anytime soon. Shifts happen, but while maybe some Wharton grads will end up down in Atlanta where one can still demand a high salary despite the lower COL, the bulk will still be in NYC, SF (where it has a 2nd campus and many do their 2nd year out here), DC, Boston, and Chicago, and no offense but until these grads have families and are semi-retired they won't end up in 3rd tier cities like Jax (you don't go to Wharton or any other top grad school in any field to make less than 6 figures no matter how low the COL...not to mention the purpose of grad school is to network and set your geography for years to come...and it won't lead you to Jax, maybe to an Atlanta especially if you go to GT or Emory, certainly to SF if you go to Stanford or Berkeley, LA if you go to USC or UCLA, NYC if you go to school up north, etc).
If you want to be in tech finance, then there is no doubt you absolutely have to be in either SF or Palo Alto, which is why Ivy's and other good B-schools have campuses in SF/Bay Area. The area still stands as the de facto hub of VC, tech hedge funds, tech M&A (thinking the IB GCA Savvian for one, and lo and behold it's HQ'd in Tokyo with offices also in NYC, London, and Shanghai), and tech private equity. I think the same thing stands for O&G/energy, except you need to be in Houston. There's even an IB with my namesake that focuses on energy companies that is HQ'd on prominent Louisiana St in DT Houston, and lo and behold it has a London office (instead of an NYC office).
Where people make their money is in their relocation to a less expensive city. For instance, I already make enough to buy a really nice car and a high-floor 2 BR in the Peninsula, decking it out with good furniture. Here I don't make enough to own a car or live in more than 450 SF. I could be like others in NYC and SF, put my time in, build up a huge base/bonus, and then if there is the option move to a low-cost city like Jax as a principal or senior mgmt, basically keeping my pay but now having a runway to spend it. People don't necessarily lose their NYC or SF salaries if they move to a less expensive city, at least that's the way it was in Atlanta and I know that to be largely true throughout a lot of FL, but we're talking senior people. Not analysts, associates, or young VPs, and we're talking about people working in environments for companies with the flexibility, which is not always an option and sometimes you have to fully retire or start over when you "downgrade" to smaller city.
For me, my job description doesn't even exist in Jax. I wouldn't want to work in Jax anyway - I enjoy the young vibe of my financial center where I can leave work at 11pm or later and still go meet folks for happy hour down the street at many different options. That's intrinsic appeal which will always attract the talent and can't be replicated in spread out low cost work environments where people aren't even expected to work more than 9-10 hours in a day anyway. From experience, I can tell you that Atlanta has a degree of that E Coast work demand, and unless you're in Midtown or Buckhead, you're grinding away in a suburban office building with no mingling or happy hour to look forward to afterward (especially since you need to drive). It's not pleasant (and Midtown/Buckhead still can't compare to Manhattan, Boston, or SF).
Quote from: thelakelander on October 09, 2013, 01:14:58 PM
Quote from: Tacachale on October 09, 2013, 01:01:43 PMDeutsche is investing heavily in their campus and bringing a lot of jobs. Their Southside location is part of their strategy here, and bringing this much investment in has been a major positive for the city.
The location and expansion of companies like Deutsche will help fuel additional infill development around Tinseltown and SJTC.
Who cares about Tinseltown and the SJTC! Those are the two areas that suck the life out of Downtown the most. The more "infill" ( I don't consider suburban projects infill) we see there, the less actual infill we will see Downtown.
If I had billions of dollars, I'd buy all of Tinseltown and the SJTC, tear them down and return the land back to its natural state. I truly DESPISE that part of town!
Getting back to the original thread...DB expansion of jobs to Jax......
I did see where PHH was shutting 300+ jobs from their southside location, so the DB news may help some of those folks find employment. It all helps.
Quote from: mtraininjax on October 12, 2013, 06:17:19 AM
Getting back to the original thread...DB expansion of jobs to Jax......
I did see where PHH was shutting 300+ jobs from their southside location, so the DB news may help some of those folks find employment. It all helps.
And our layoffs at British Airways start on 25OCT... Everybody will be gone on 20DEC. It will be 250 jobs in total.
From:
http://online.wsj.com/article/SB10001424052702304441404579123690642256618.html#printMode
QuoteWhen the financial sector began healing after its 2008 crash, New York landlords were hopeful that big banks would return to their traditional roles as the growth engine for the nation's largest office market. They are still waiting. Even with the economy improving, banks aren't absorbing the New York office space they jettisoned after the downturn. Rather, millions of square feet of new space that used to be occupied by banks such as J.P. Morgan Chase & Co., Bank of America Corp. and UBS AG, is on the market. Banks have been under pressure from the weak U.S. economy, new regulations and soft loan demand. As a result, they are cutting costs and nonessential businesses and moving employees out of Manhattan to regions where rents and salaries are lower.
The 10 largest banks in the city reduced their space by six million square feet to just under 32 million square feet between 2008 and early 2012, according to a report last year by International Strategy & Investment Group Inc. Since that report was issued, banks have shrunk or are planning to contract their footprint by another two million square feet, real-estate experts say. Office rents in top towers have grown at stubbornly slow rates as a result, prompting some landlords to focus on attracting tenants in the tech and media sectors, or on converting office space to apartments.
The large financial firms are "not as relevant to today's market, for now," says Dennis Friedrich, chief executive of Brookfield Office Properties Inc.,one of the city's largest landlords. "We've changed our strategy." Brookfield earlier this year changed the name of its huge downtown office complex to Brookfield Place from World Financial Center, an acknowledgment that demand wasn't strong from the financial sector and the old name might deter companies in other industries. Earlier this month, a 1980s-era Bank of America lease in the complex expired, reducing its space to 800,000 square feet from 2.3 million square feet.
In another symbolic deal, J.P. Morgan last week received first-round bids for its marquee Lower Manhattan tower Chase Manhattan Plaza, with multiple offers significantly exceeding $600 million, according to real-estate executives familiar with the offering. J.P. Morgan intends to vacate most of the 60-story modernist skyscraper. "This is a way to look at things and say, 'How can we use what we've got and be smart with the space we have?'" says Melissa Shuffield, a J.P. Morgan spokeswoman. Bidders include RXR Realty and L&L Holding Co., both local office landlords, the executives said. Some bidders are considering converting some of the property into apartments or a hotel.
The contraction by Wall Street has been a headache for landlords who have been stuck with vacant space. Manhattan's office vacancy rate stood at 10.6% in the third quarter, down slightly from a postcrisis peak of 11.6% in 2010, according to Cushman & Wakefield Inc. The financial sector accounted for 15.3% of new leases in the first nine months of 2013, compared with 30% in 2007, the firm says.
Fortunately for owners, very few new office buildings have come to the market in recent years. But a lot of new supply is in the pipeline and those developers have had to look to other sectors for customers. For example, the largest tenants to commit to the World Trade Center have been publisher Condé Nast and GroupM, a subsidiary of advertising giant WPP PLC.
In past downturns, New York's financial-services sector has proved more resilient. For example, the number of Wall Street jobs in New York declined from 200,300 in 2000 to 159,000 in 2003, but grew consistently to 191,800 in 2008, according to the New York State Department of Labor. In the latest downturn, jobs fell to a post-crash low of 165,200 in August 2009. Since then they have crept back to 167,800 as of August. The sector's weakness this time partly reflects the severity of the downturn, the worst since the Great Depression, experts say. Also, new regulatory controls that restrict banks from some risky practices of the past have kept headcounts stagnant or even falling.
In addition, banks are using technology and other new approaches to work spaces to use space more efficiently. Credit Suisse, for example, has adopted a program called "Smart Working" which uses methods such as desk-sharing and cloud technology to cut back on space needs. The bank also is planning a significant reduction of the 3 million square feet of office space it currently leases near Madison Square Park, according to people familiar with Credit Suisse's plans.
Wall Street's lack of appetite for space has weighed on Manhattan rents. Prices for top-quality buildings increased just 2% over the past 12 months to $68.40 per square foot annually, according to Cushman & Wakefield.
These rents are still high enough, though, to convince banks to look elsewhere. Deutsche Bank AG is growing in Jacksonville, Fla. while some of the space it used to occupy at 60 Wall St. is being marketed. Citigroup Inc., which is consolidating and shrinking in Manhattan, last year said it plans to shuffle off some New York employees to Buffalo.
New York's financial sector isn't expected to stay in the doldrums forever. Landlords say smaller and midsize financial firms have been expanding. "There are a significant number of newly formed money-management hedge fund, venture capital, private equity" and other money managers, Douglas Linde, president of office giant Boston Properties, said at a conference last week. "That's where we are seeing the activity." Even so, Mr. Linde said the "customer" had changed. "We are all banking on technology, life sciences and biotechnology to...be the engines of growth."
Going back to the convo between Jaybird and myself. I think we were saying all the same things as in this article, but without breaking out "Wall Street" from the financial sector in general. My firm is a mid-size private equity shop, which is clearly one of the growth industries of the financial sector and our NYC office is expanding rapidly and we *have to* have a presence there as we fundraise and partner with banks/IBanks to securitize instruments and market our own securities, etc. But Wall St as in the top 10 banks and their more bread and butter divisions (Securities/IB, Fixed Income, FX, Derivatives, etc) itself is clearly shrinking in general and in NYC in particular.
^ agreed, good find
Deutsche Bank close to leasing PHH Mortgage building
full article: http://www.jaxdailyrecord.com/showstory.php?Story_id=545760
Good that Deutsche Bank is here in Jacksonville, however would be nice if one of these large companies would occupy some of the empty space downtown. In Detroit, large companies like Quicken Loans are investing in downtown revitalization efforts and locating offices downtown to help lure young professionals (and they employ a lot of them like Deutsche) to Detroit. It is hard to attract good young talent when everything is in the burbs.
When Deutsche Bank initially moved here, they received financial incentives equal to about $10k per employee, much of which came from the state. Sounds like we have gotten a great ROI from that initial investment. We need to use financial packages like what we offered Deutsche to entice other companies with high wage jobs to relocate their offices here.
Quote from: CCMjax on July 10, 2015, 08:11:32 AM
Good that Deutsche Bank is here in Jacksonville, however would be nice if one of these large companies would occupy some of the empty space downtown. In Detroit, large companies like Quicken Loans are investing in downtown revitalization efforts and locating offices downtown to help lure young professionals (and they employ a lot of them like Deutsche) to Detroit. It is hard to attract good young talent when everything is in the burbs.
I have heard from friends at DB that many of the higher level employees moved to the beaches initially, which was also a nice plus for them moving to Fla. Many of them like the shorter commute to Gate and Belfort. They would likely be very resistant to driving all the way DT from the beaches. While, I'm sure this is not the story for all of them, I have heard this consistently for some time now.
In short, the beaches have been a good selling point for NY and NJ DB employees moving to Jax. I have not heard that DB has had a hard time attracting young talent because its office location.
Quote from: aaapolito on July 10, 2015, 09:27:26 AM
Quote from: CCMjax on July 10, 2015, 08:11:32 AM
Good that Deutsche Bank is here in Jacksonville, however would be nice if one of these large companies would occupy some of the empty space downtown. In Detroit, large companies like Quicken Loans are investing in downtown revitalization efforts and locating offices downtown to help lure young professionals (and they employ a lot of them like Deutsche) to Detroit. It is hard to attract good young talent when everything is in the burbs.
I have heard from friends at DB that many of the higher level employees moved to the beaches initially, which was also a nice plus for them moving to Fla. Many of them like the shorter commute to Gate and Belfort. They would likely be very resistant to driving all the way DT from the beaches. While, I'm sure this is not the story for all of them, I have heard this consistently for some time now.
In short, the beaches have been a good selling point for NY and NJ DB employees moving to Jax. I have not heard that DB has had a hard time attracting young talent because its office location.
Good point, I always forget about the impact the beach has. And actually the beach is one of the reasons DT is struggling so much.
Quote from: aaapolito on July 10, 2015, 09:27:26 AM
Quote from: CCMjax on July 10, 2015, 08:11:32 AM
Good that Deutsche Bank is here in Jacksonville, however would be nice if one of these large companies would occupy some of the empty space downtown. In Detroit, large companies like Quicken Loans are investing in downtown revitalization efforts and locating offices downtown to help lure young professionals (and they employ a lot of them like Deutsche) to Detroit. It is hard to attract good young talent when everything is in the burbs.
I have heard from friends at DB that many of the higher level employees moved to the beaches initially, which was also a nice plus for them moving to Fla. Many of them like the shorter commute to Gate and Belfort. They would likely be very resistant to driving all the way DT from the beaches. While, I'm sure this is not the story for all of them, I have heard this consistently for some time now.
In short, the beaches have been a good selling point for NY and NJ DB employees moving to Jax. I have not heard that DB has had a hard time attracting young talent because its office location.
This is all too true. I worked right between the equities and muni's sales desk for 2 years on DB's derivatives team. Probably 95% of those employees all the way up to MD's lived between the town center region, Jax, and Atlantic beach. Saw a handful of them out in Neptune on July 4th and they literally all told me the same thing - They had their fill of NYC, but they now feel like they are on permanent vacation living at the beach - all while still having the same job.
Quote from: CCMjax on July 10, 2015, 09:36:15 AM
Quote from: aaapolito on July 10, 2015, 09:27:26 AM
Quote from: CCMjax on July 10, 2015, 08:11:32 AM
Good that Deutsche Bank is here in Jacksonville, however would be nice if one of these large companies would occupy some of the empty space downtown. In Detroit, large companies like Quicken Loans are investing in downtown revitalization efforts and locating offices downtown to help lure young professionals (and they employ a lot of them like Deutsche) to Detroit. It is hard to attract good young talent when everything is in the burbs.
I have heard from friends at DB that many of the higher level employees moved to the beaches initially, which was also a nice plus for them moving to Fla. Many of them like the shorter commute to Gate and Belfort. They would likely be very resistant to driving all the way DT from the beaches. While, I'm sure this is not the story for all of them, I have heard this consistently for some time now.
In short, the beaches have been a good selling point for NY and NJ DB employees moving to Jax. I have not heard that DB has had a hard time attracting young talent because its office location.
Good point, I always forget about the impact the beach has. And actually the beach is one of the reasons DT is struggling so much.
I've heard the exact same as aaaplito and posted in another thread that I was told there was no chance Deutsche would relocate DT because there would be a mutiny from employees. They all live at the beaches, Southside, or northern SJC. The employees that moved here from up north did so because they wanted to live at the beach or in golf communities. A guy I know there said he would have stayed in NY if he wanted to live in the city. Its a problem DT Jax has to deal with that inland cities don't.
The distance from DT Jax to the beaches is another issue. Look at other coastal cities in Florida. Downtown Miami, Fort Lauderdale, WPB, and Sarasota are all much closer to the beach than Jax is. Tampa is the only large coastal community in the state that is as far from the beach as Jax. If DT Jax was 5-10 miles closer to the beach (where many execs and professionals live), I think you would see a lot more demand for downtown office space.
Not having to take mass transit is also a plus for these guys. They like being able to drive their cars and park in front of their work building.
Like everyone else, I have heard all the same things from DB friends. (This could just be an echo chamber effect)
From my observations I also feel like young DB employees would rather have the city life. It may not be a problem recruiting execs and upper management away from the city, but young talent is interested in something else. About a dozen of the young folks I know have left DB, left the city, want to leave, and/or travel away every weekend. Certainly having the offices in downtown Jax in its current state wouldn't do any more good, but eventually in a decade or more if there were enough activity and semblance of vibrancy that might have an effect.
Quote from: CityLife on July 10, 2015, 10:38:52 AM
The distance from DT Jax to the beaches is another issue. Look at other coastal cities in Florida. Downtown Miami, Fort Lauderdale, WPB, and Sarasota are all much closer to the beach than Jax is. Tampa is the only large coastal community in the state that is as far from the beach as Jax. If DT Jax was 5-10 miles closer to the beach (where many execs and professionals live), I think you would see a lot more demand for downtown office space.
True. However, in a dream scenario some light or heavy rail would fix this "problem."
I think this is pretty par for the course for a lot of companies either headquartered or with a large work force in Jax. My company is currently in the process of relocating from one Southside location to another (moving almost 200 employees). Moving downtown was never even considered (must to my dismay) in this case due to the higher ups living in the beaches and St. Johns county.
Younger people at DB rarely make friends outside of work.
For most of these younger people, jacksonville is a stepping stone before New York or San Fran.
Visiting 5 points is as exotic as it gets. Living downtown is out of the question.
If Db moved downtown, some would live in RAP area or continue commuting from Ponte V
And Beaches, where building a new home with a pool is cheap with New York salaries
Trust me. I know
I found this old article from the WSJ (October 2013) regarding DB in Jax
http://www.wsj.com/articles/SB10001424052702304176904579112822472241240
Quote from: BennyKrik on July 10, 2015, 02:33:34 PM
Younger people at DB rarely make friends outside of work.
For most of these younger people, jacksonville is a stepping stone before New York or San Fran.
Trust me. I know
That's strange, since I'm friends with a number of young people that work at DB, two of whom lives downtown. I guess they don't know that they aren't supposed to have friends. Thanks for the heads up, I'll let them know.
I knew some whom lived downtown when they moved from out of town.
They always relocated to other parts of town after leases were up
Yeh ask them - 'do u hang out mostly with colleagues from work'?
Don't most people hang out with communities they are apart of whether work, church, organization,etc? For young adults, work is your main social network as well unless you have some college or high school friends around.
A group of young associates from DB walks into Birdies in 5pts, wearing shirts and pressed pants.
and the whole place goes silent.
Two groups had nothing in common.
Quote from: BennyKrik on July 10, 2015, 04:15:29 PM
A group of young associates from DB walks into Birdies in 5pts, wearing shirts and pressed pants.
and the whole place goes silent.
Two groups had nothing in common.
Or, a group of young associates from DM walks into Blacksheep, Aardwolf, Volstead, Dos Gatos, Grape and Grain Parlour, etc. and no one even notices.
I can see your feelings are hurt. You're defending the honor of local joints.
Blackfinn at the towncenter is where it's at....
Cool story.
Not defending anyone, just pointing out there are plenty of downtown joints that young associates can and do frequent
Yea, not sure what BennyKirk's point was there. Professional people can't live in the DT R/A area?
Johnny, what I said were facts. They are first hand accounts. I was there when it happened.
Is that your picture or the next of kin?
How long before my newbie status changes
I could guess that everyone is correct. Personal acquaintance sample sizes are not enough to go by. I could also imagine that NE transplants who are young and new to Jax wouldn't feel "at home" in the urban core, which does lean "local". SS/beaches has more transplants and "people like them". Pretty difficult to find a "collegiate" crowd in Jax to begin with, let alone in the local-southern-hipstery scenes that do kind of define the inner core areas. When I do visit, I can attest whole heartedly that there are no scenes in the urban core, where I grew up and where most of my Jax friends are, that are like the social scenes in New York or SF that are sort of finance oriented. Maybe with BAML/DB and other major corporate offices on the SS, there is a small scene at places like Blackfinn...
Also, I could totally imagine (and relate based on my own past experience) that some of the younger analysts/associates are keeping their noses in their computer screens and sacrificing social life in order to get transferred out of Jax to one of DB's main offices in either NYC or SF, which in their minds is probably more prestigious, and if they are Ivy Leaguers, that's where all of their friends already are while they're stuck in Jax. It's just the nature of it. Doesn't mean everyone at DB fits this bill or that everyone at DB who fits this bill is this way...
It seems obvious to me that even if there are some employees unwilling to move with DB, there are PLENTY of others who don't care enough to quit, and plenty of potential new employees there to pick up the slack. I doubt it will be some sort of epidemic that DB will have nobody there to take those jobs. At least not because their employees prefer the beach SO MUCH. People will fill those positions, and they will find places to hang out. Just like anywhere.
BlackFinn is definitely not "where its at". But that's just me.
Quote from: Andy on July 13, 2015, 12:14:07 PM
It seems obvious to me that even if there are some employees unwilling to move with DB, there are PLENTY of others who don't care enough to quit, and plenty of potential new employees there to pick up the slack. I doubt it will be some sort of epidemic that DB will have nobody there to take those jobs. At least not because their employees prefer the beach SO MUCH. People will fill those positions, and they will find places to hang out. Just like anywhere.
We're not talking about some recent college grads that just joined the company...It's long time employees with significant leadership roles, skillsets that aren't easily replaced, and have institutional knowledge.
Quote from: Downtown Osprey on July 13, 2015, 12:31:38 PM
BlackFinn is definitely not "where its at". But that's just me.
You're not the only one...
I really doubt that many people who have been with a company that long will be willing to quit because the company moved a half hour or so away. A few of them, sure. But most of that institutional knowledge would likely make the move or commute.
EDIT: grammar.
The other thing to consider is that many many workers in large cities have 1+ hour commutes each way. Most people in my firm's corporate HQ in CT commute from the city. Plenty keep CT apartments and maintain primary residence there for tax/commuting reasons, living in the city on weekends, but plenty make the commute each day, there and back.
In the Bay Area, probably close to half the people I know have 1-2 hour commutes each way, if they live in the city and work elsewhere in the Bay Area, or live elsewhere in the Bay Area and work in the city.
Jax is probably 200 years away before this commute pattern that is just that excruciating is a commonplace problem. Isn't a commute in from the beach to downtown like 30-45 minutes with traffic? I mean that's a solid 20-30 miles away, which could be 1.5+ hours of driving in other cities where DB has major offices (NYC, SF, Boston, LA), and traffic adds what 5-15 minutes max on average depending?
The only people who might balk at that are employees DB picked up from FL who have never lived in a big, heavily congested city.
Quote from: simms3 on July 13, 2015, 02:33:48 PM
The only people who might balk at that are employees DB picked up from FL who have never lived in a big, heavily congested city.
I lived 20+ years in a big, heavily congested city (Washington) and very much enjoy living in a lower-congestion area with a more relaxed commute (Tidewater Virginia). There are reasons for balking at a lengthy commute beyond mere ignorance of life in congested cities.
From past articles on DB in Jacksonville, I suspect it has a fair number of employees who were formerly situated in some larger and more congested metros, who voluntarily relocated seeking a more relaxed lifestyle.
You're correct about the length of the commute. No, it's not terribly excessive, but I can understand why some people would resist that if they were specifically seeking a short commute and a beach-centered lifestyle as reasons for relocating to Jacksonville.
Don't get me wrong; I wish DB were consolidating its offices in the urban core.
Quote from: Andy on July 13, 2015, 02:10:46 PM
I really doubt that many people who have been with a company that long will be willing to quit because the company moved a half hour or so away. A few of them, sure. But most of that institutional knowledge would likely make the move or commute.
EDIT: grammar.
Many DB employees, including local leadership have apparently made it known that they want to remain on the Southside. Would they quit their jobs over the move? Doubtful. Would there be widespread discontent from the local workforce? Apparently. Would some of the upset workers take the next relocation opportunity? Quite likely.
I think Wacca hit the nail on the head. The DB employees that are most entrenched on the Southside are actually their big city transplants, who moved here for the beach/golf lifestyle. I've heard this first hand from a local DB VP that moved from NY.
Quote from: CityLife on July 13, 2015, 03:02:18 PM
Quote from: Andy on July 13, 2015, 02:10:46 PM
I really doubt that many people who have been with a company that long will be willing to quit because the company moved a half hour or so away. A few of them, sure. But most of that institutional knowledge would likely make the move or commute.
EDIT: grammar.
Many DB employees, including local leadership have apparently made it known that they want to remain on the Southside. Would they quit their jobs over the move? Doubtful. Would there be widespread discontent from the local workforce? Apparently. Would some of the upset workers take the next relocation opportunity? Quite likely.
I think Wacca hit the nail on the head. The DB employees that are most entrenched on the Southside are actually their big city transplants, who moved here for the beach/golf lifestyle. I've heard this first hand from a local VP that moved from NY.
Yeah, I've heard exactly that as well. In fact I think I heard more of our corporate transplants from many companies tend to be somewhat older folks in higher management positions, rather than younger people in lower positions. And the upper management folks are the ones who really drive decisions like a company being located in the burbs.
Quote from: CityLife on July 13, 2015, 03:02:18 PM
Quote from: Andy on July 13, 2015, 02:10:46 PM
I really doubt that many people who have been with a company that long will be willing to quit because the company moved a half hour or so away. A few of them, sure. But most of that institutional knowledge would likely make the move or commute.
EDIT: grammar.
Many DB employees, including local leadership have apparently made it known that they want to remain on the Southside. Would they quit their jobs over the move? Doubtful. Would there be widespread discontent from the local workforce? Apparently. Would some of the upset workers take the next relocation opportunity? Quite likely.
I think Wacca hit the nail on the head. The DB employees that are most entrenched on the Southside are actually their big city transplants, who moved here for the beach/golf lifestyle. I've heard this first hand from a local VP that moved from NY.
Exactly. They may be
used to a longer commute but that's one of the
attractions of a relo to Jax. That and "alll thaaat parking!"
Quote from: Wacca Pilatka on July 13, 2015, 02:55:46 PM
Quote from: simms3 on July 13, 2015, 02:33:48 PM
The only people who might balk at that are employees DB picked up from FL who have never lived in a big, heavily congested city.
I lived 20+ years in a big, heavily congested city (Washington) and very much enjoy living in a lower-congestion area with a more relaxed commute (Tidewater Virginia). There are reasons for balking at a lengthy commute beyond mere ignorance of life in congested cities.
From past articles on DB in Jacksonville, I suspect it has a fair number of employees who were formerly situated in some larger and more congested metros, who voluntarily relocated seeking a more relaxed lifestyle.
You're correct about the length of the commute. No, it's not terribly excessive, but I can understand why some people would resist that if they were specifically seeking a short commute and a beach-centered lifestyle as reasons for relocating to Jacksonville.
Don't get me wrong; I wish DB were consolidating its offices in the urban core.
When I lived in the Poconos, most of the people there commuted to Manhattan, Newark, and Jersey City everyday.
Quote from: Tacachale on July 13, 2015, 03:18:36 PM
Quote from: CityLife on July 13, 2015, 03:02:18 PM
Quote from: Andy on July 13, 2015, 02:10:46 PM
I really doubt that many people who have been with a company that long will be willing to quit because the company moved a half hour or so away. A few of them, sure. But most of that institutional knowledge would likely make the move or commute.
EDIT: grammar.
Many DB employees, including local leadership have apparently made it known that they want to remain on the Southside. Would they quit their jobs over the move? Doubtful. Would there be widespread discontent from the local workforce? Apparently. Would some of the upset workers take the next relocation opportunity? Quite likely.
I think Wacca hit the nail on the head. The DB employees that are most entrenched on the Southside are actually their big city transplants, who moved here for the beach/golf lifestyle. I've heard this first hand from a local VP that moved from NY.
Yeah, I've heard exactly that as well. In fact I think I heard more of our corporate transplants from many companies tend to be somewhat older folks in higher management positions, rather than younger people in lower positions. And the upper management folks are the ones who really drive decisions like a company being located in the burbs.
I've heard the same thing. No big deal. Not every company and business is going to want to set up shop in downtown.
Quote from: CityLife on July 13, 2015, 03:02:18 PM
Quote from: Andy on July 13, 2015, 02:10:46 PM
I really doubt that many people who have been with a company that long will be willing to quit because the company moved a half hour or so away. A few of them, sure. But most of that institutional knowledge would likely make the move or commute.
EDIT: grammar.
Many DB employees, including local leadership have apparently made it known that they want to remain on the Southside. Would they quit their jobs over the move? Doubtful. Would there be widespread discontent from the local workforce? Apparently. Would some of the upset workers take the next relocation opportunity? Quite likely.
That's possible. Let me be clear, I don't have a strong opinion about them moving or staying where they are, really. I'm just expressing my thought that the company could certainly survive the move if they wanted to make it. Some of the previous comments seemed (maybe only to me) to paint it as a stupid or dangerous move, and I just don't see that.
They certainly could. There's just no real reason for them to invest in DT Jax. They don't have the same sentimental attachment with this city that a guy like Dan Gilbert, who moved his business (Quicken Loans and it's 8,000 office employees) to DT Detroit, has with his hometown (Detroit).
isn't Gilbert also getting some insane incentives to have his company in DT Detroit?
QuoteDeutsche Bank seeks $5.5M in incentives to add 475 jobs
As it plans to expand its Jacksonville office, Deutsche Bank is asking the city and the state for nearly $5.5 million in financial incentives.
According to a project summary filed today with the city's Office of Economic Development, the banking giant headquartered in Germany plans to add 475 new full-time jobs to its Jacksonville campus by the end of 2017, each with an average salary of $64,356, plus benefits.
full article: http://www.bizjournals.com/jacksonville/news/2015/07/22/deutsche-bank-looking-for-5-5-million-in.html
11k per head is normal, right?
Quote from: fsquid on July 14, 2015, 09:44:59 AM
isn't Gilbert also getting some insane incentives to have his company in DT Detroit?
Yes, somewhere around $200 million from the City of Detroit and State of Michigan. If they did not, he told them he'd move Quicken and the rest of his companies to Cleveland. After all is said and done, I think it's worked out well for Detroit.
http://www.metrotimes.com/detroit/what-kind-of-track-record-does-quicken-loans-have-in-detroit-does-anyone-really-care/Content?oid=2266383
QuoteGilbert, 52, who lives in the Oakland County village of Franklin, has ushered in a remarkable turnaround for Detroit's quiet downtown. The roughly 60 buildings he owns bustle with activity, and an estimated 12,000 employees (more than 2,500 of whom are Detroit residents) of his 110 companies now pay Detroit income taxes — including employees at Bedrock Real Estate Services, Fathead, and Greektown Casino. The timing of his decision to move his companies downtown was also fortunate for him: Detroit was pummeled by the financial crisis, bringing about a cascade of foreclosures and near rock-bottom prices for real estate. His efforts have helped shift the national spotlight on Detroit from municipal nightmare to the underdog everyone wants to see win.
Politics also appeared to make it an easy call: Thanks to then-Democratic Gov. Jennifer Granholm, the state and city agreed to cough up to $200 million in tax incentives over two decades to woo Gilbert's enterprise. Though many forget, Gilbert dangled the prospect of moving Quicken HQ to Cleveland, before conceding to the Cleveland Plain Dealer that it's "awfully hard to move 3,500 people."
Game Changer? Are these the same people who said that a move by Everbank to downtown would be a.....wait for it.....game changer? Its not a bank moving downtown or a new leasee in a building. Its the building, its the lifestyle, its life 24/7. That is the game changer we lack and yearn for downtown.