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Jax Daily Record Saturday, Jan. 12, 201904:59 PM EST

Report: Deutsche Bank to move about 60 jobs from Jacksonville to India

Germany-based bank announced plans last year to reduce U.S. operations to cut costs.
by: Mark Basch Contributing Writer

Deutsche Bank AG, which announced plans last year to reduce U.S. operations to cut costs, is moving about 60 accounting jobs from Jacksonville to Mumbai, India, according to a Bloomberg News report Friday.

Deutsche Bank spokeswoman Kerrie McHugh would not confirm the job cuts in Jacksonville or say how many employees the Germany-based bank currently has at its Jacksonville offices.

“We regularly review our footprint and look for ways to raise operational efficiencies that enhance client experience and improve shareholder returns,” she said by email.

“Our presence in Jacksonville is an essential part of our regional footprint in the Americas, and we place great value in our Jacksonville operations,” she said.

McHugh said she could not comment beyond that statement.

Deutsche Bank opened its Jacksonville office in 2008 and grew it quickly. The company employed 1,800 people in Jacksonville when it opened its second local building in 2016 and former CEO John Cryan said its campuses could accommodate up to 2,800 workers.

During a presentation on international companies in Jacksonville last week to the World Affairs Council of Jacksonville, former JAXUSA Partnership President Jerry Mallot listed Deutsche Bank with 2,250 local employees.

Cryan was fired in April 2018 and his successor, Christian Sewing, said the bank would be looking to cut costs by reducing some of its U.S. operations.

Deutsche Bank has not announced specific plans but Bloomberg said cuts include closing its Houston office and reducing its footprint in New York City by 30 percent.

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