Deutsche Bank Lured Staff to Florida. What Comes Next Is Secret
- Firm persuaded some New York staff to transfer to Jacksonville
- The company isn’t commenting on how deep job cuts may go there
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They live in rows of tidy townhouses, setting out early every weekday for a short walk to Deutsche Bank AG’s lush corporate campus. For the closest, it’s just across the street.
For the past several years, Deutsche Bank has been persuading harried Wall Streeters to move to Jacksonville, Florida, where it was building out operations to handle more of the firm’s business at a lower cost. Veterans who accepted the posts said that even as the bank reined in pay they felt richer in those suburbs than they had in Manhattan. Many shared their skills with local recruits, who came cheaper still. Some said they were in it for job security.