Deutcshe Bank looking to create 475 Jobs in Jacksonville

| July 23, 2015

Deutsche-Bank-Logo

JACKSONVILLE — Deutsche Bank could create 475 new, high-paying jobs in Jacksonville and wants $5.4 million in state and local incentives to support the expansion of its local office.

The city has reached a tentative agreement with the international bank, which employs 1,600 people at its Southeast Jacksonville office, that would award up to $1.1 million in incentives. The state would offer $4.4 million in grant money to sweeten the deal.

Deutsche Bank is considering a plan to open multiple new offices in Jacksonville at locations that haven’t been determined. The expansion would create 475 new financial service jobs with an annual salary of $64,300 by the end of 2017. The company plans to make $23 million in improvements to the offices it moves into and their technology infrastructure.

Mayor Lenny Curry introduced the agreement on Wednesday to the City Council, which must approve the deal before it’s enacted.

“Our excellent business climate and world-class workforce encourage businesses like Deutsche Bank to increase their investment in Jacksonville,” Curry said in a written statement.

Under the plan, the city would pay the company up to $570,000 in a grant designed to award companies for creating high-paying jobs. The total amount would be determined by the number of jobs created.

The company also wants up to $539,000 in property tax breaks over a five-year period in exchange for the property improvements. The tax break would be half of any property value increases that resulted in the company’s improvements.

That incentive would require the city to waive its public investment policy because the improvements didn’t achieve the minimum score to be eligible.

The score is based on census data and the location of the property, said city spokesman Bill Spann. The Office of Economic Development determined the plan’s “significant return on investment” justified waiving the policy, Spann said.

The company is also considering sites in New York and New Jersey as alternatives. Those states both offer a “robust” talent pool for financial services and offer “aggressive and lucrative” incentives for new job creation, according to the city’s summary of the plan. The summary says the grants are “necessary” for the company to expand in Jacksonville, although it notes Deutsche Bank has been “very pleased” with its local operations.

If the company moves forward with the plan, it expects to create 75 new jobs by the end of this year. It would then create 200 new jobs for the next two years.

Florida Times Union

Metro Valdosta Unemployment Rises
Debate over Deepening Jacksonville's Port
×

Comments are closed.