More banks and financial institutions are making their way to and hiring in Jacksonville.
A Bloomberg article reports that Deutsche-Bank's campus in Jacksonville has expanded as the company's second largest U.S. location. The bank has about 2,000 employees there, and has increased by 600 employees since 2013, Bloomberg reports.
The company plans to hire more in 2017.
Other financial institutions have slowly begun to make Jacksonville their home, including Wells Fargo and JP Morgan. In Jacksonville, more than 19,000 employees work for major banks such as Bank of America, Citigroup, JPMorgan Chase and Wells Fargo.
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This Wall Street trend known is known as nearshoring, meaning banks move their operations from high-priced financial centers like New York to places like Jacksonville and North Carolina’s Research Triangle, the article reports.
Banks also save costs by moving to cities like Jacksonville because they tend to pay their employees less at these locations. Employees earn about 30 percent less on average than those in New York, according to Cathy Chambers, a senior vice president with the JaxUSA Partnership, who told Bloomberg news.
Despite the salary difference, some employees believe working at locations in Jacksonville has other benefits that outweigh the costs.
“In most cases, it’s been a lifestyle decision,” Anthony Glenn, manager for the Macquarie office in Jacksonville told Bloomberg. “They’re weighing a compensation change vs. a huge increase in quality of life.”
Bloomberg writes that Macquarie’s Jacksonville office is an example of financial-service businesses try to reduce outsourcing jobs by employing people at the office.
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“In a lot of ways, Florida is the inverse of America: The more north you get, the more south you are,” Michael Binder, an associate professor of political science at the University of North Florida, told Bloomberg . “But slowly this is changing, like a lot of the urban cities in the New South.”
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