Northeast Florida: Wall Street South
Northeast Florida, formerly known as the “Hartford of the South” for its insurance headquarters, is now a major competitor in financial services. Jacksonville has emerged as a financial services hub or “Wall Street South” due to the high growth of national and global monetary institutions based in the area.
Billions of dollars transact through Jacksonville, Fla. each day. Bank of America Merrill Lynch, Citi, JPMorgan Chase, Wells Fargo, Lender Processing Services, EverBank, Deutsche Bank and Fidelity National Financial all are headquartered or have major operations in the area, and operate profitably due to the region’s talented workforce and competitive cost environment.
Northeast Florida has more than 60,000 skilled workers in the financial services industry. Related jobs are sophisticated finance positions that have traditionally only existed on Wall Street. JAXUSA Partnership, the region’s economic development organization, works to highlight the advantages of Jacksonville to financial services companies, building its reputation as a financial capital.
Traditional financial hubs like New York, Chicago and even Charlotte are experiencing a slow leak of jobs to more cost-effective cities. For companies, hiring financial services positions in Northeast Florida means million of dollars in annual savings because the median salaries are lower due to more affordable cost of living. Operating costs are lower and the area has positive tax advantages with no corporate franchise tax, state personal income tax, taxes on inventories, or taxes on foreign income. Also, the region has plug-and-play office solutions with competitive lease rates averaging less than $20 per square foot.
Five years ago, Deutsche Bank, a global corporate investment bank, discovered the advantages of Northeast Florida and located its operations in Jacksonville. In the years following, the company’s legal compliance, global technology, and front office trading operations groups moved to the area. The bank continues to expand its presence with 560 more jobs over the next three years. In total, Deutsche Bank has created more than 1,200 jobs with $17 million in capital investment in the area.
“Deutsche Bank’s presence in Jacksonville has evolved to include all elements of Corporate Investment Banking,” said Michael Fleming, Managing Director of Deutsche Bank Jacksonville. “With a rich and deep talent pool, Jacksonville provides a unique opportunity to staff those needs.”
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