Deutsche Bank to create 319 Triangle jobs (Charlotte, Cary: credit, universities, calculated)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
DB Global Technology, the newly formed subsidiary of Germany-based Deutsche Bank(NYSE: DB), plans to invest $6.7 million in the center during the next five years. The new jobs are to pay an average wage of $88,213, plus benefits, according to the governor’s office – well above the Wake County average of $43,160.
Fully agree and its interesting that they are locating an IT development center in the Triangle when companies like IBM are busy moving jobs offshore to India. The Deutche Bank set up seems like a great fit with the Credit Suisse and Fidelity operations already here although I believe Fidelity hasn't shown full potential yet due to the economic situation
It's a good deal if it expands, they make about ~3 million to move here, and saving much more then that by "onshoring" those positions from NYC or even Charlotte for that matter.
Less attractive to anyone in mid career stride IT, likely to be another Credit-Suisse, churn and burn through people.
It's a good deal if it expands, they make about ~3 million to move here, and saving much more then that by "onshoring" those positions from NYC or even Charlotte for that matter.
Less attractive to anyone in mid career stride IT, likely to be another Credit-Suisse, churn and burn through people.
For every person it's "less attractive" to, I am sure there will be many more that will jump at the opportunities. It's not for me either, I am happy where I am, but what is attractive to you and me isn't necessarily what the masses need.
Expansion is nice of course but lets not "poopoo" on what is definitely a good thing for the triangle and Cary. While they'll of course need to relocate some amount of staff from internal positions, all indications are that they plan to create new positions and they are interested in the talent pool we have here coming from the big three universities. Even if they did bring a majority over from Charlotte or elsewhere, it still creates some jobs and good revenue... those new people will have to live somewhere.
It's not "definitely" a good thing, there are businesses in the Triangle already that could have used almost 10M in incentives to bring more, or keep more, quality jobs here. The 300 tech focused jobs puts us in direct competition with their Eastern European partners, productivity and cost will have to match up. If you research DB you'll see they have no qualms moving large parts of the org around where it best suits them, they are the EU banking pioneers at this BTW.
It's a well calculated risk, but a risk nontheless.
Something else to consider with Deutsche Bank is that they are a bank first, technology is simply a service that works for the bank. IMHO sustainable, real technology is where the investment should have gone, banking probably the last place it should have gone.
It's not "definitely" a good thing, there are businesses in the Triangle already that could have used almost 10M in incentives to bring more, or keep more, quality jobs here. The 300 tech focused jobs puts us in direct competition with their Eastern European partners, productivity and cost will have to match up. If you research DB you'll see they have no qualms moving large parts of the org around where it best suits them, they are the EU banking pioneers at this BTW.
It's a well calculated risk, but a risk nontheless.
Something else to consider with Deutsche Bank is that they are a bank first, technology is simply a service that works for the bank. IMHO sustainable, real technology is where the investment should have gone, banking probably the last place it should have gone.
Hope it works out!
I understand where you're coming from, but there aren't companies beating down the doors stateside looking to expand right now. Only time will tell if these are "quality jobs" but it's best to bring them here in the hopes of success now rather than wait on landing the big one. I don't think we need a bail-out for the tech industry, either you'll last because you have a successful business model, or you don't and this minimal amount of incentive wouldn't help your company anyway.
Places like Silicon Valley don't come to fruition by only sustaining existing business. We need the benefit of new companies and opportunities to keep RTP on the map and maybe put us in position as other regions like the Valley. I can't see RTP being worse off for this move.
Technology is not the core business of a bank but it is a core necessity and no bank can survive today without it. It's a key asset that the financial industry recognizes, e.g. Edward Jones is consistently ranked as one of the best places to work in IT.
All that said, you're right, it's possible this never gets off the ground, but we'll never get anywhere without trying.
It's not "definitely" a good thing, there are businesses in the Triangle already that could have used almost 10M in incentives to bring more, or keep more, quality jobs here. The 300 tech focused jobs puts us in direct competition with their Eastern European partners, productivity and cost will have to match up. If you research DB you'll see they have no qualms moving large parts of the org around where it best suits them, they are the EU banking pioneers at this BTW.
It's a well calculated risk, but a risk nontheless.
Something else to consider with Deutsche Bank is that they are a bank first, technology is simply a service that works for the bank. IMHO sustainable, real technology is where the investment should have gone, banking probably the last place it should have gone.
Hope it works out!
the key point here is understanding Deutche Bank and the fact that they acquired Bankers Trust 10 years ago and that most of these jobs will be supporting the BT Alex Brown business rather that the 'Germanic' parts of DB which are well supported both in Germany and Eastern Europe where language isn't a barrier for German written applications
the key point here is understanding Deutche Bank and the fact that they acquired Bankers Trust 10 years ago and that most of these jobs will be supporting the BT Alex Brown business rather that the 'Germanic' parts of DB which are well supported both in Germany and Eastern Europe where language isn't a barrier for German written applications
Thanks for that info, I would then guess this is an "onshore" from NYC, where most financial securities work occurs. One question though, what is a "German Written Application where language is not a barrier", do mean what end users will ultimtately be looking at? Modern day programming languages are well equipped to render multiple character sets from a single production effort.
I can only see this as positive. Creating 300+ jobs at 88k average salary is great news for the area. If you don't think you can compete with Eastern Europe, Asia or any other IT hub then frankly tough luck... that's the reality of the world. This will be a "near shore" operation to replace people in New York who probably average 125k per year. Sure there will be no high end jobs but frankly junior and mid-tier will be plentiful. I know so many guys in NY on 125k plus bonuses of 15-100% who are just plodding through and would be very well replaced by a good mid-ranger here on 88k.
Also with CS, Fidelity and DB now in the region it will open the door wider for more to join in. Also when things pick up again it will drive up wages as it means more competition, though that could be self defeating as if you end up being too expensive it will just get moved out to India.
One question though, what is a "German Written Application where language is not a barrier", do mean what end users will ultimtately be looking at? Modern day programming languages are well equipped to render multiple character sets from a single production effort.
It means that any custom text strings within the software application would have to be translated (by a human) into the target languages, and this extra effort is not always required or justified for a particular application.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
