Story by Hal Goodtree | August 20, 2009 | Tags: Business, deutsche bank, jdig, News, Wake
Deutsche Bank Headquarters in Frankfurt. Photo via Wikimedia.
How’s this for a recession buster – Deutsche Bank has selected Cary, NC for its new Global Technology Center.
Deutsche Bank, the massive German financial institution with over 78,000 employees worldwide, will start a subsidiary called DB Global Technology. The purpose of the unit will be to develop new technology for the banking giant.
Government grants played a role in luring the bank. On August 13, the state’s Economic Investment Committee voted to award DB Global Technology a Job Development Investment Grant (JDIG) valued at $9.4 million over the course of 11 years if the company meets investment, job creation and wage requirements. JDIGs work by rebating up 70 percent of state withholding taxes to recipient companies.
On August 14, the Cary Town Council kicked in an additional $75,000 in cash. Deutsche Bank agreed to invest $6.7 million and create 319 new jobs in Wake County over the next five years. It is unclear if all those jobs will be in Cary.
The new jobs are to pay an average wage of $88,213, plus benefits, according to the Governor Bev Perdue’s office.
“This new center is a great fit for North Carolina. We are a strong international competitor in both the information technology and financial sectors,” Perdue said. “Our reputation for excellence in these areas, combined with a dedicated workforce and a top business climate, continues to attract quality global companies such as Deutsche Bank.”
According to the News & Observer, Deutsche Bank will move into temporary space in Cary within a few weeks and expects to be in a permanent space by the end of the year. Hiring will begin shortly and is expected to ramp up to 319 workers over the next five years.
Deutsche Bank joins Fidelity and Credit Suisse which have also set up shop in the Triangle with the help of JDIG grants.
Do you think Job Development Incentive Grants are a good idea? Tell us why. Or why not.
