- 2013 - December - 26th -

Deutsche Bank plans new office in Jacksonville

By David Chapman, Staff Writer

Deutsche Bank is seeking to increase its Jacksonville presence by creating an international administrative office that could create up to 200 jobs, according to records filed this month.

In an application to the Florida Office of Financial Regulation, the banking giant wants to create the expanded business for its securities-related products and services.

The company's corporate banking and securities division is located in Jacksonville. It arrived in 2008 for a 1,000-job financial services operation.

The filing states that while the company can't commit to a specific number of new jobs, it lists about 200 additional private sector employees and states the anticipated average salary would be $62,000.

The company would benefit by having about a 50 percent cost savings compared to conducting the same activities at the bank's New York office, according to the filing. It also would be able to build stronger relationships with "lower touch" clients and engage new ones, with a goal of capturing market share and diversifying its human resources pool.

The portion of the filing discussing what functions the bank would perform isn't available to the public.

Michael Drexler, head of the bank's corporate banking and securities division in Florida, will be managing director.

Company officials declined comment Thursday.

The filing caps what has been a year of growth and spotlight for the company.

In March, legislation was filed for an incentives package of more than $1.9 million in city and state money to create 300 jobs — for a total of at least 1,600 — for the expansion of its administrative support and banking functions at 5022 Gate Parkway, where the international office will be located. City Council approved that deal in early April.

It has since renovated that space and has added more space at the Meridian Office Park on the Southside.

In October, The Wall Street Journal printed a glowing profile of the company's relocation of jobs from the Northeast to the South to cities like Jacksonville.

Last month, city and business leaders met with representatives at the bank's London offices when the Jacksonville Jaguars played overseas, although there were no details of what those discussions entailed.



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