Deutsche Bank expansion could be game changer for Jacksonville

[Tacachale]

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.

[ProjectMaximus]

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!"

[jcjohnpaint]

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. 

[thelakelander]

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.

[Andy]

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.

[thelakelander]

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).

[fsquid]

isn't Gilbert also getting some insane incentives to have his company in DT Detroit?

[thelakelander]

Deutsche 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

[fsquid]

11k per head is normal, right?

[thelakelander]

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

Gilbert, 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."

[mtraininjax]

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.