FDIC Bringing 500 Temporary Jobs to Jacksonville

[stjr]

I guess one man's misery is another one's opportunity:

Reuters:

FDIC to open new office to handle bank closings
Fri May 8, 2009 2:25pm EDT

WASHINGTON, May 8 (Reuters) - The Federal Deposit Insurance Corp said on Friday it will open up an additional East Coast office to deal with failed banks.

The FDIC, which insures the deposits of U.S. banks and handles the receiverships of failed institutions, said it will open a temporary satellite office in Jacksonville, Florida, that will provide space for up to 500 staff members.

The new office reflects the expanded demands on the FDIC as bank failures continue at a strong pace following the dramatic drop in house prices and mounting credit losses in the banking sector.

So far this year, 32 banks have failed, compared with 25 bank failures in 2008 and only three in 2007.

FDIC Chairman Sheila Bair said recently that the U.S. bank system is past the crisis stage and is now in clean-up stage but said that there would still be a steady pace of bank failures.

The agency said the new office will manage receivership and liquidate assets from failed institutions primarily located in the Eastern states.

"Throughout its history, the FDIC has used these offices to keep temporary asset resolution staff closer to the concentration of failed bank assets they oversee," the agency said in a statement.

The FDIC said it expects to move into the space in September. (Reporting by Karey Wutkowski, editing by Gerald E. McCormick)

The Jacksonville Business Journal:

FDIC to bring 500 temporary jobs to Jacksonville
by Rachel Witkowski Jacksonville Business Journal

A federal regulator is opening a satellite office in Jacksonville, bringing up to 500 temporary positions to assist with failed banks.

The Federal Deposit Insurance Corp. is opening the temporary satellite office at 7777 Baymeadows Way to manage receiverships and liquidate assets of failed banks in the Eastern states, it said Friday. The FDIC plans to start moving into the office in September

The office will hire up to 500 nonpermanent staff and contractors based on the workload needs and post-closing workload as well as the number of bank closures in the Eastern region and number of receiverships.

“Throughout its history, the FDIC has used these offices to keep temporary asset resolution staff closer to the concentration of failed bank assets they oversee,” the announcement stated. “As the work diminishes, the temporary satellite offices are closed.”

The regulator said it picked the Jacksonville site “based on mission needs and workload” after performing a “competitive leasing acquisition process.”

[Jason]

Sadly the jobs are temporary but should be a nice little economic kick in the pants.

[copperfiend]

IIRC that is the old Citibank site.

[aj_fresh]

The FDIC recently announced the establishment of the East Coast Temporary Satellite Office (ECTSO) located in a suburban area in south Jacksonville, Florida. At this time, recruitment to fill positions in this office has not begun.

Employment Opportunities
On May 18th this Webpage will be updated with further details regarding employment opportunities, the application process and a more in-depth description of job requirements, salary, and benefits. Please check back for a revised message at that time.

http://www.fdic.gov/about/eastcoastoffice/index.html

[mtraininjax]

Sadly the jobs are temporary but should be a nice little economic kick in the pants.

These are SOOOOO not temporary jobs. Obama wants you to think its temporary. No job growth this year, we just received word the deficit for THIS year is expected to be 1.94 TRillion dollars. 30 banks have failed already this year, with an estimated 130 more, based on research by M3 Funds.

This would be the East Coast center for the FDIC, and they put it here because the land/lease rate was so favorable compared to other cities. What does that tell you about our city? We are not growing jobs, we are losing them. Nelnet pulled out 250 last week, shutting down their operations here. Wells Fargo shut down 500 jobs, they are not coming back anytime soon in banking.

Perhaps JTA can hire the out of work financial people, we need more trolley drivers.