Deutsche Bank proposes 1,000-job hub

Financial services giant Deutsche Bank is considering an operations hub in Jacksonville that could create 1,000 full-time jobs in the area.

The Frankfurt, Germany-based company filed for several incentives including the state's Qualified Target Industry Tax Credit through the Jacksonville Economic Development Commission.

Jacksonville is among the cities in the Southeast that the bank is evaluating for a U.S "nearshore" operations hub for operations and technology jobs that will support its corporate, investment banking, and asset and wealth management businesses, according to the project summary filed with the JEDC.

Content Continues Below

Deutsche expects to have 1,000 new, full-time jobs within three years beginning in 2009. The average wage of the positions would be about $49,200 plus benefits. The average annual payroll would be an estimated $49.2 million.

The bank plans to hire individuals with knowledge of investment banking and technology to work within two of its subsidiaries; DB Services New Jersey Inc. and DB Security Services New Jersey Inc.

Deutsche is also considering a $12.1 million investment in technology infrastructure and tenant improvements.

The grants the bank is seeking total about $4.8 million and would offset the cost of locating the hub in Jacksonville if the company selects this city.

The Qualified Target Industry Tax Credit totals $3 million, of which, $600,000 would come from the city of Jacksonville.

The incentive will first be voted upon at the JEDC meeting Thursday and if approved, it will then move to City Council for approval.

Deutsche Bank has a location in Nashville that it stated in the summary could be expanded for the project. The bank also stated based on its research that the other sites under consideration have projected to be at lower overall expense but the incentives would offset that if approved.