Deutsche Bank Is Adding More Staff to Offices Near Florida Beachby
Bank to add 350 workers in Jacksonville by end of 2017
CEO John Cryan cutting staff elsewhere, including in Germany
Deutsche Bank AG, the German lender that’s retrenching from operations around the world, plans to hire several hundred workers for its operations in Florida.
The Frankfurt-based lender plans to add 350 additional staff in Jacksonville by the end of next year and leased a second building, according to a Aug. 9 statement from Florida Governor Rick Scott. Deutsche Bank employs about 1,800 workers there, including traders, bankers and wealth managers along with employees for information technology and compliance, the company said.
The growth in Florida, from fewer than 100 employees in 2008, stands in contrast to the cost-cutting measures that Deutsche Bank Chief Executive Officer John Cryan is pushing through Europe’s biggest investment bank as he seeks to restore investors’ confidence and meet tougher capital rules. The CEO plans to eliminate 9,000 jobs, or about 9 percent of the bank’s total, including about 4,000 in Germany as part of an overhaul announced in October.
“A key part of our global strategy is to optimize Deutsche Bank’s geographical footprint, and we’re pleased that Jacksonville continues to be a core location in this initiative,” Leslie Slover, Deutsche Bank’s regional head of Jacksonville and Cary, North Carolina, said in the statement.
The firm has already added about 100 workers of the planned 350 and has capacity for as many as 2,800 total employees at the Jacksonville location, a company spokesman said in an e-mail.
Global banks have been moving a greater portion of employees to lower-cost locations as part of efforts to cut expenses amid low interest rates and weak trading revenue. The Jacksonville location, about 15 minutes from the Atlantic Ocean, represents about one-sixth of the 10,842 staff the bank had in North America at the end of December.