Deutsche Bank, the largest global financial services firm in Germany and one of the largest within Europe and the world, holds total assets of over $2.5 trillion USD. Deutsche was originally established in 1870 in Berlin, Germany and today, is headquartered in Frankfurt, Germany. DB has more than 100,000 employees worldwide and operations in over 72 countries. DB offers a variety of investment and related products and services to private individuals, corporate entities, and institutional clients globally.
After gaining approval, this expansion created up to 300 new, full-time economic-based jobs and DB foresees $10 million to be invested at the site over a three year period (2014 to 2016) within its above-mentioned subsidiaries. These jobs required individuals with knowledge of financial services, investment banking and IT support, and included an average wage equal to 150 percent of the state average. The bank received economic incentives from the state and city for the campus and the jobs. Deutsche Bank opened in Jacksonville in 2008 pledging a 1,000-job operations center. The company is now close to 1,600 jobs and expects to be over 2,000 by the end of 2016, and observers expect many more – especially in light of the Wall Street Journal report featuring the company’s expansion into Northeast Florida.
In addition to higher wage job creation and private capital investment, positive impacts on the greater Jacksonville area associated with this expansion project are numerous. Major financial services operations, such as the one proposed by the Company, are highly visible corporate citizens that heighten the collective awareness of Jacksonville within the global financial services industry and strengthen a targeted high-impact industry. Financial services companies tend to cluster in the same geographic area to ensure that workforce availability, training and educational support, and technology infrastructure exist. The increased visibility of Jacksonville will prompt more financial services companies to consider Jacksonville for their relocation and expansion needs, adding new higher wage jobs and private capital investment to the economy.