EverBank Coming Downtown, Now What?

[JaxAvondale]

i thought that TIAA wanted their online banking channel.

[jaxlongtimer]

Weird, I thought retail branch was one of the reasons TIAA bought Everbank to begin with.

It has always been my understanding that Everbank was built around Internet banking with customers nationwide.  The area branches (only 11, per their web site, all between here and Orlando) were a byproduct of them buying various banks to accumulate deposits and/or other financial assets and maybe to help give them a little street cred by having a physical bank someone could see vs. a virtual bank in the cybersphere.  Currently, the branches are probably a mere decimal point to TIAA.

With TIAA's greater recognition and longevity, their huge size and greater national reach and the ongoing evolution of Internet banking, the branches were probably expendable at this point.  Not unusual as even the more branch-oriented mega banks are closing branches like crazy.

[pierre]

i thought that TIAA wanted their online banking channel.

I am pretty sure that was it

[Steve]

They aren't closing their Banking Branches. They are closing their Retail Branch Mortgage Offices it appears.

[JaxAvondale]

https://www.jaxdailyrecord.com/article/tiaa-bank-leaving-retail-branch-home-loan-business-will-focus-on-internet

[Kerry]

Funny - they got $4.8 million tax dollars 2 years ago to create 200 new jobs.  I guess maybe these aren't the 'same' jobs.  Wonder if the City will ask for any of the money back.

[vicupstate]

Funny - they got $4.8 million tax dollars 2 years ago to create 200 new jobs.  I guess maybe these aren't the 'same' jobs.  Wonder if the City will ask for any of the money back.

As part of the realignment of that business, the bank will eliminate 132 positions in Jacksonville, spokesman Michael Cosgrove said.
TIAA Bank employed 1,117 people in Jacksonville and 3,285 people in total at the end of 2018, Cosgrove said.

[Kerry]

But they didn't get paid to eliminate positions.

[JaxAvondale]

These jobs were unlikely created from the incentives.

[Kerry]

These jobs were unlikely created from the incentives.

Usually incentives don't work that way.  It is usually based net jobs.  Either way, it would be interesting to know if the City is going to look into it.  My guess is they aren't.

[JaxAvondale]

These jobs were unlikely created from the incentives.

Usually incentives don't work that way.  It is usually based net jobs.  Either way, it would be interesting to know if the City is going to look into it.  My guess is they aren't.

These were outside mortgage sales job. It is unlikely that these jobs impacted the Brooklyn or Downtown offices.

[Kerry]

These jobs were unlikely created from the incentives.

Usually incentives don't work that way.  It is usually based net jobs.  Either way, it would be interesting to know if the City is going to look into it.  My guess is they aren't.

These were outside mortgage sales job. It is unlikely that these jobs impacted the Brooklyn or Downtown offices.

Just curious, does it not concern anyone else that the City pays for job creation that doesn't happen, or at least doesn't last?

One of the private groups I am member of on Facebook asked the question if the situation with Amazon in NYC signaled and end to corporate welfare.  My response was No, that far too many people still believed in globalism and globalist economics.  Maybe there are even more believers in NE Florida than I thought.

[Steve]

These jobs were unlikely created from the incentives.

Usually incentives don't work that way.  It is usually based net jobs.  Either way, it would be interesting to know if the City is going to look into it.  My guess is they aren't.

These were outside mortgage sales job. It is unlikely that these jobs impacted the Brooklyn or Downtown offices.

Just curious, does it not concern anyone else that the City pays for job creation that doesn't happen, or at least doesn't last?

One of the private groups I am member of on Facebook asked the question if the situation with Amazon in NYC signaled and end to corporate welfare.  My response was No, that far too many people still believed in globalism and globalist economics.  Maybe there are even more believers in NE Florida than I thought.

The jobs were tied to downtown employment. While some of these folks worked downtown, most did not.

[Kerry]

These jobs were unlikely created from the incentives.

Usually incentives don't work that way.  It is usually based net jobs.  Either way, it would be interesting to know if the City is going to look into it.  My guess is they aren't.

These were outside mortgage sales job. It is unlikely that these jobs impacted the Brooklyn or Downtown offices.

Just curious, does it not concern anyone else that the City pays for job creation that doesn't happen, or at least doesn't last?

One of the private groups I am member of on Facebook asked the question if the situation with Amazon in NYC signaled and end to corporate welfare.  My response was No, that far too many people still believed in globalism and globalist economics.  Maybe there are even more believers in NE Florida than I thought.

The jobs were tied to downtown employment. While some of these folks worked downtown, most did not.

Thanks Steve.