Gov. Bev Perdue today announced that Deutsche Bank AG will open a technology development center in Wake County. Operating as DB Global Technology Inc., a newly formed subsidiary, the company plans to invest $6.7 million and create 319 jobs during the next five years.
“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.”
Perdue has made creating well-paying, sustainable jobs a top priority of her administration through the JobsNOW initiative. The new jobs at DB Global Technology will pay an overall average wage of $88,213, not including benefits, which is significantly higher than the Wake County average of $43,160.
“We are extremely excited at the prospect of opening a professional IT development center in the Research Triangle, which is home to some of the most highly skilled technology talent,” said Anthony P. McCarthy, global CIO, Capital Markets Technology at Deutsche Bank. “The level of cooperation among the governor, Chamber of Commerce and the Town of Cary has helped make this a seamless process. We look forward to a long and highly successful relationship that will extend for many years to come.”
The state Economic Investment Committee met today to award a Job Development Investment Grant to DB Global Technology to facilitate this project. The Town of Cary will hold a public hearing tonight to consider local incentives. The project’s location is contingent upon approval of those incentives.
Under the terms of the JDIG, the company is eligible to receive a grant equal to 70 percent of the state personal income withholding taxes derived from the creation of new jobs for each of the 11 years in which the company meets annual performance targets. If the company creates the jobs, makes the investment and pays the wages called for under the agreement and sustains them for 11 years, the JDIG could yield as much as $9.4 million in maximum benefits for DB Global Technology.
In addition, up to $3.1 million could be added to the state’s Industrial Development Fund for infrastructure improvements in economically distressed counties. When a JDIG is awarded in one of the state’s more economically prosperous counties such as Wake, 25 percent of the grant award is allocated to the Industrial Development Fund to encourage economic development in less prosperous counties.
“During these tough economic times, I welcome this effort to bring good-paying financial services jobs to North Carolina,” said Sen. Josh Stein.
“Our top-notch workforce continues to attract global companies that are looking to invest in and expand their operations in North Carolina,” said Rep. Ty Harrell, Chairman of the House Science & Technology Committee.
JDIGs are awarded only to new and expanding businesses and industrial projects whose benefits exceed the costs to the state and which would not be undertaken in North Carolina without the grant. Since the first grant was awarded in 2003, the program has been responsible for creating commitments for more than 30,000 jobs and almost $6 billion in investment in North Carolina.
Through Perdue’s JobsNOW initiative, the state will continue to work aggressively to create jobs, train and retrain workers, and lay the foundation for a strong and sustainable economic future.
Other partners that assisted with this announcement include: the N.C. Department of Commerce, Wake Technical Community College, Town of Cary, Wake County Economic Development and Cary Chamber of Commerce.
Deutsche Bank (NYSE: DB) is a leading global investment bank with 78,896 employees in 72 countries. For more information about the company, including employment opportunities, please visit www.db.com.