Managing Editor
Financial services workers available for jobs
With about 77,000 people unemployed in metropolitan Jacksonville, the possibility that Pittsburgh-based PNC Financial Services Group might open a 150-500 job operations center in Southside is generating optimism.
“While 500 jobs may seem like a drop in the bucket compared to the jobs that need to be created, those 500 can have an impact,” said Carol Dole, Jacksonville University Davis College of Business assistant economics professor.
“Some of those people that get jobs may be able to keep making payments on mortgages. Those incomes can also bring new spending back into local economies,” Dole said Tuesday in the wake of news that PNC is posting jobs on its website for a Jacksonville operations director at a Southside building.
The worst recession since the Depression took hold at the end of 2007. While economists say it likely ended in summer 2009, the recovery has struggled and area unemployment remains stuck above 10 percent.
In Baker, Clay, Duval, Nassau and St. Johns counties, the unemployment rate in June was almost 10.3 percent, and in Duval County alone it was almost 10.9 percent, according to adjusted state numbers.
Jacksonville, which long courted financial services operations, employed 61,100 people in “financial activities” in Nov-ember and December 2007 in Northeast Florida, state numbers show.
That accounted for almost 10 percent of the workforce.
Between 2007 and June, financial activities jobs dropped by more than 8,000 positions.
That means that the PNC jobs, along with other financial services and operations jobs recently announced, would put people to work who lost those jobs.
“Certainly it would help,” said Paul Mason, professor of economics and geography at the University of North Florida Coggin College of Business.
“Everything that brings in new jobs is a step in a positive direction, especially in financial services because so many people lost their jobs in financial services,” said Mason.
Dole brings up the possibility that PNC might see even more new business opportunities in the area.
Candace Moody, communications vice president for the WorkSource job service, said PNC’s job openings will attract skilled employees.
“We’re delighted to see new jobs come into the region, especially in the financial industry,” said Moody.
“So many quality workers have been on the market for so long. I’m sure PNC will find the talent here that they need. The jobseekers that we have helped are very motivated to get back to work. Any opportunity to get back into the workforce provides not just an economic boost, but a psychological one,” said Moody.
“Good new like this makes everyone feel more hopeful about recovery,” she said.
Kelly Madden, chair of the Jacksonville Regional Chamber of Commerce, said the chamber’s Cornerstone Economic Development Partnership has announced new and expanding projects this year and is working with dozens more.
“Cornerstone has announced 16 projects totaling more than 1,200 new jobs so far this year,” said Madden.
“With over 50 prospects in the pipeline, we are working to close several deals in the third quarter, including key projects in the financial services industry,” said Madden, who did not specifically talk about PNC.
Lindsey Ballas, business development chief at the Jacksonville Economic Development Commission, said announcements in 2010 are much better than in 2009.
“Since January, the JEDC has announced more than 900 jobs in targeted industries. This far surpasses all of last year and we believe is proof that better days are on the horizon,” said Ballas.
“We are working with many exciting prospects and hope to make more announcements in the near future,” she said.
Ballas said Monday that PNC has not requested incentives from the city.
The PNC center also would help absorb some of the available office space in Jacksonville.
Jacksonville’s office vacancy rates remain in the 20 percent range, reported Cushman & Wakefield. As of June, the suburban office vacancy rate was 23.4 percent, as was the vacancy rate in the largest market, Butler/Baymeadows.
PNC is seeking employees for the Collier Building, which is at 5011 Gate Parkway. Sources report that PNC is looking for 60,000 to 70,000 square feet, which would be about two floors of the Collier Building.
PNC said it would be premature to discuss any plans it might have for Florida.
PNC Financial Services Group
PNC has posted a need for some jobs in Jacksonville, including an operations director to supervise 150-500 employees. The company could be a major new employer for the city.
• Based in Pittsburgh, PA
• www.pnc.com.
• Assets of $265.4 billion.
• No. 123 on the Fortune 500 list with $19.23 billion in revenues and $2.4 billion in profits.
• Diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.
• More than 2,400 bank branch locations in 15 states and the District of Columbia.
• 40 brokerage offices in 12 states and the District of Columbia.
• About 6,500 ATMs, including 27 at Jacksonville area Hess stations.
• About 56,000 employees in the U.S. and internationally.
• Pittsburgh National Corporation was established as the Pittsburgh Trust and Savings Company in 1852, making it the oldest bank in Pittsburgh.
• Many institutions have come together to form PNC.
• BlackRock became a part of PNC’s asset management business during the mid-1990s, and is currently one of the largest investment managers in the U.S.
• PNC continues its expansion into growth areas through strategic business acquisitions.
Source: www.pnc.com
356-2466