NC: Deutsche Bank Tech Unit to Invest $13.5M, Create 431 Jobs in Cary
21 Jun, 2013
Governor Pat McCrory and North Carolina Commerce Secretary Sharon Decker announced that DB Global Technology, Inc., which provides software application development and maintenance services in support of Deutsche Bank AG (DBAG), will expand its software development center in Wake County. The company plans to create 431 new jobs in North Carolina by the end of 2016 and invest over $13.5 million in its Cary location.
“High-tech research companies like DB Global Technology, Inc. know that North Carolina is just the place for their business to grow,” said Governor McCrory. “The additional IT jobs that they’ll create will strengthen the Cary corporate mix and be an example to others of the strong talent pool and attractive quality of life that characterizes this region of the state.”
DB Global Technology, Inc. produces software applications for financial instrument trading, order management and transaction processing, algorithmic trading, risk calculation and web-based front-end applications for Deutsche Bank AG. The company was created in 2009 in North Carolina to increase efficiencies in development and maintenance of the bank’s software developments.
”North Carolina, Wake County and the Town of Cary have proven to be an exceptional source of talent for our company, as well as strong partners in growth and opportunity. We are very excited to be growing in North Carolina and looking forward to continued success in hiring exceptional technical talent and providing world class software to our client,” said John Eagleson, Chief Operating Officer for DB Global Technology, Inc.
"We are committed to creating new jobs in North Carolina and really want to work with existing companies like DB Global Technology, Inc. to assist in their growth,” said Sharon Decker, North Carolina Secretary of Commerce. “We applaud the management team for their commitment to re-invest in North Carolina and expand their global footprint in Wake County.”
DB Global Technology, Inc. which currently employs 250 people in Cary, is expanding its Wake County operations to focus on strategic application development work and the development of technology solutions. As the investment banking sector becomes increasingly reliant on technology, DB Global Technology, Inc. expects demands for its services to grow.
Compensation for the new positions will vary by job function, but the average annual payroll is estimated to be $38 million plus benefits. The average annual wage in Wake County is $48,024.
“We are extremely excited about the governor’s announcement today of DB Global Technologies’ decision to locate operations in NC’s 11th House District,” said Rep. Duane Hall. “We have an exceptionally talented and qualified work force to fill the hundreds of new jobs and are appreciative of their investment.”
The project was made possible in part by an award to DB Global Technology, Inc. from the state Job Development Investment Grant (JDIG) program, as voted by the state Economic Investment Committee. Receipt of the award is based on proof of job creation and other performance requirements. 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.
Under the terms of the company’s JDIG award, DB Global Technology, Inc. is eligible to receive up to ten annual grants equal to 35 percent of the state personal income tax withholdings from the eligible new jobs created since the date of the initial award. Receipt of each annual grant is based on state-certified proof that the company has fulfilled incremental job creation requirements. Over ten years, the JDIG award could yield aggregate benefits to DB Global Technology, Inc. of up to $5.55 million.
In addition, up to $1.85 million in additional funds from the company’s JDIG award could be added to the state’s Utility Fund for infrastructure improvements in economically distressed counties. When a JDIG is awarded to a company whose site is located in the state’s more economically prosperous counties such as Wake, 25 percent of the company’s grant is allocated to the Utility Fund to encourage economic development in less prosperous counties. For more information on the county tier designations, visit:http://www.nccommerce.com/research-publications/incentive-reports/county-tier-designations.
Other partners who assisted with this announcement include: The N.C. Department of Commerce, N.C. Community Colleges, Wake County Economic Development, Town of Cary and the Cary Chamber of Commerce.
For more information about DB Global Technology, Inc., including job opportunities, visit www.db.com/careers.