Deutsche Bank is looking to expand and bring new jobs to Jacksonville

JACKSONVILLE, Fla. — German banking giant Deutsche Bank started planting its roots in Jacksonville back in 2008. Seven years later, the company is one of Jacksonville's largest employers and is looking to expand.

Councilman Danny Becton, who represents District 11, was thrilled to hear Deutsche Bank is growing.

"They have a big presence in my district already – 1,600 jobs here on the Southside -- and yes, for a number of years, we've always been waiting for them to look to expand," Becton said.

Deutsche Bank has filed for an economic incentive package with the city. The bank expects to bring another 475 jobs to Jacksonville with an average salary of about $64,000 a year.

The proposal includes an investment by Deutsche Bank of about $23 million to expand to other locations in Duval County.

The city's portion of the deal would be $1.1 million, while the state would pitch in a little more than $4.3 million.

"Jacksonville has been considered not only an insurance area but a financial hub of the Southeast. "Charlotte, watch out, because here comes Jacksonville," Becton said.

If the plan is approved, Becton said there will be checkpoints built in to make sure Deutsche Bank meets its end of the deal.

"They have to account each year and show that the jobs were actually created -- that it wasn't something that just was a transfer," Becton said.

Becton said Deutsche Bank isn't the only company trying to expand here in Jacksonville. He said at the next City Council meeting, they'll be talking about other ways to bring more companies here to Jacksonville.