watch the thematic videoLong-term careers growth at Deutsche Bank
Deutsche Bank lured staff to Florida. What comes next is secret
Even city hall had no information to offer. Mayor Lenny Curry hasn't been informed of any cuts in town "at this time," spokeswoman Nikki Kimbleton said late Monday.
The fate of Deutsche Bank's staff in Jacksonville is of particular interest to members of the US financial industry because many professionals have faced similar career choices in recent years. To cut costs, Wall Street banks are "near-shoring" legions of jobs to cities far outside New York — such as Salt Lake City, Nashville, Tennessee, or Austin, Texas.
The pitch is that paychecks go further in those places, buying waterfront homes and covering private school tuition. The catch is that it might be a one-way career move. If a Wall Street professional gets laid off far outside New York, there may be few, if any, competing firms to join.
Over a decade, Deutsche Bank expanded from an initial staff of in Jacksonville to roughly 2, people, including some in trading functions and other investment banking businesses. Its sprawling campus there features an artificial pond surrounded by manicured lawns and palm trees. Some employees snapped up homes in the neighbourhood to eliminate once-hectic commutes. Others bought properties closer to the Atlantic shore.
The German bank now ranks amid American firms as the city's deutsche bank news jacksonville financial-industry employer. It might make sense for the lender to keep its presence there as it focuses anew on lowering costs. JaxUSA Partnership, a division of the local chamber of commerce, estimates that a financial analyst in Jacksonville makes about $US68, compared with $US, for the america vs tigres en vivo position in New York.
Even if the firm does cut local staff, Jacksonville has persuaded a variety of other companies since the financial crisis to build out their presence, taking advantage of the cheaper labor market, lower rents, desirable weather and non-existent state income taxes. Among the firms in Jacksonville today are Bank of America, Citigroup, JPMorgan and Wells Fargo, as well as the health, information technology and manufacturing industries.
So if Deutsche Bank retreats, some of those firms may need the talent it leaves behind. To be sure, many mainly employ staff in back-office roles, including accountants and lawyers. Trading staff may have a harder landing.
The city's economy, though, is strong enough to weather even the loss of a large portion of Deutsche Bank jobs, assuming the office doesn't close altogether, said Jacksonville University economist Carol Dole.
"No matter what happens to Deutsche Bank, Jacksonville is going to be able to handle whatever changes occur," she said.
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Deutsche Bank Renovations and Tenant Improvements
Multiple phased renovations and interior buildout on occupied office campuses
Gilbane provided construction management at-risk services for the phased build-out of Deutsche Bank’s trading department and mission critical facility, including renovations at BuildingBuildingButler Buildings II & III, Building Management System Replacement, the Global Technology Command Center, and Gate Parkway. Work proceeded within this active corporate office with a focus on after hours work on nights and weekends to avoid disruption.
Building The mission critical facility scope of work included installation of new UPS circuits and data to 60 new desks and re-feeding all critical trader desks with new data and power. A new data room was built with new redundant cooling units. The scope of work also included interior demolition, several mechanical unit additions, multiple critical HVAC unit additions with redundant controls, light fixture installation, interior finish installation and multiple interior storefront and door systems.
Building Amenities Upgrade: Upgrades to two existing buildings on the Meridian campus in Jacksonville, FL. The main components of this amenities upgrade scope included installation of infrastructure and finishes for a full-size kitchen, event space, servery, dining areas and outdoor patio to accommodate the surrounding buildings. Work was performed in close proximity to neighboring investing buildings for the duration of this two-phase project.
Butler Building II: Interior demolition and construction in several areas throughout three floors, specifically all 20, SF on the third floor and about 10, SF deutsche bank news jacksonville the second floor. Work entailed painting, cleaning carpets, 60 KvA UPS installation, mechanical unit installation, data center re-build, data room deutsche bank news jacksonville, interior finishes, acoustical modifications and casework and kitchen additions.
Butler Building III: Work was performed throughout all four floors with the installation of a new UPS system and installation of two refurbished 8-ton CRAC 8 Units that were installed on the first floor to serve the MTR room which received new low voltage cabling and racks. The project scope included interior demolition and construction in several areas throughout all four floors, re-wiring desk, painting, UPS installation, mechanical unit installation, appliance and water line installation, data center demolition and re-build, interior finishes and casework additions.
BMS Replacement: Installation of a building control and automation system to connect to all mechanical equipment throughout 4 buildings. The project allowed for the mechanical system to be controlled from one office rather than having to visit each space to adjust set points.
Global Technology Command Center: Interior fit-out of an existing office space into the Deutsche Bank Global Technology Command Center. The project consisted of focused demolition and reconstruction work in the 14, SF space while the existing space was segregated by a 6-inch sound defining partition wall which allowed for daytime work and cost savings. We worked through the entire building during different phases included carpet replacement, multiple complete kitchen renovations, bathroom renovations as well as providing new lighting, ceilings, interior walls, level five finishing and cabinetry.
Gate Parkway: Gilbane provided preconstruction and construction phase services to renovate approximatelySF in a newly acquired building. The new farmers state bank cedar rapids allowed Deutsche Bank to decommission spaces in two other existing buildings in Jacksonville and consolidate their operations into the new location. The new space also provided Deutsche Bank with an opportunity for future growth. The project included a phased delivery where phase I included preconstruction services as well as an initial enabling effort to provide security segregation with the existing tenant. Phase II included the renovation and fit-out to the third floor. After the existing tenant relocated, phase III included renovation and fit-out of the remaining two floors.
The team performed multiple electrical shut-downs which were required to install new UPS circuits, electrical modification as well as the installation of new mechanical equipment to the new stand-alone data rooms. We coordinated and worked directly with the building owner to minimize disturbances and downtime during unit shutdowns.
Work was completed in approximately 60% of the building through various stages of the project. The work performed in active environments was done during off hours to minimize disturbances.