Deutsche Bank - Jacksonville. Anyone know what they do?

Can anyone who has experience with DB or who has heard of their office in Jacksonville explain to me about what exactly the analysts there do?

Back/Middle office functions? Or are there front office roles there as well?

Look forward to hearing what yall have to say

 

DB Jacksonville had a info session at my school earlier this year. They said that it was a new/recently established office, and that they looking to use jacksonville as the main location to expand into the southern U.S.

Though they were recruiting for front office, it was primarily for markets positions (DCM, ECM, Levfin, etc.) and not M&A. I could be wrong on this, but at the very least all the MDs/VPs that were at the presentation were in markets.

 
Opi:
DB Jacksonville had a info session at my school earlier this year. They said that it was a new/recently established office, and that they looking to use jacksonville as the main location to expand into the southern U.S.

Though they were recruiting for front office, it was primarily for markets positions (DCM, ECM, Levfin, etc.) and not M&A. I could be wrong on this, but at the very least all the MDs/VPs that were at the presentation were in markets.

I can somewhat vouch for this. A buddy of mine was looking at taking a DCM analyst position there but ended up getting asked to work in DCM at his current bank...which was fine because he liked the bank and liked where he lived, just hated the hours he was putting in TMT.

So there are definetely FO positions, just not sure how many.

Regards

"The trouble with our liberal friends is not that they're ignorant, it's just that they know so much that isn't so." - Ronald Reagan
 

Yeah they came and recruited at our school also. I was just curious if anyone who worked at DB in NYC or somewhere else could give me some insight on the office and the culture. Im sure there has to be someone who actually works in JAX on WSO... But i was under the impression that there were FO roles also, but i had heard mixed reviews

 

They recruited at my school. The interesting thing was that for the initial presentation vast majority of the people came from NYC, there was one person from JAX. The description of the purpose of the office was quite hazy. I ended up going through all the rounds, which again interestingly were conducted by people from NYC and not by people from JAX. During the interviews I was getting conflicting stories as to the nature of the office. There were 2 more people from my school that went through all the rounds and they were as confused as I was as to what exactly those guys do in JAX. Finally I had a phone interview with two people in that office and can UNEQUIVOCALLY say that it’s a back/mid office. They do operations and analytical support for desks in NYC, Houston, etc. There’s no trading going on there. There is a reason why they call it a Global Operations Center.

 

DB Jacksonville is primarily BO positions. All operations related work that doesn't require FO contacts. DB MO is situated in NYC such as trade support and stuff. All FO roles are in NYC's wall street building. DB use Jacksonville instead of outsourcing to India for Ops. This way they get benefit of cheaper cost and no communication barrier.

 

Most of you are wrong. DB does have FO positions in Jacksonville. These positions work hand in hand with their NY counterparts. These positions are an extension of the NY teams, with the perks of living in Florida(10 minutes from the beach for example) So, if you are interested in a Wall Street job at a top 5 bank (especially in the business that is done here, mostly DCM) and don't want to be in NY then you should check it out.

I must not understand what “UNEQUIVOCALLY" means.

 

I don't know about DB but I know that IBs are moving the operations side of the business out of NYC to such places. Someone in my gf's family is doing operations in Salt Lake City for Goldman. And for a recent grad from a non-target its a good gig to build a brand name on his resume before returning to obtain his MBA. And his salary is more than sufficient for a location as remote of Utah.

Regarding DB, I would assume it is mainly operations/WM type of roles. I'm not 100% sure. At the least the salary would easily cover the cost of living and the candidate would have a great time with Gator chicks.

 
mb666:

I would assume it is mainly operations/WM type of roles. I'm not 100% sure. At the least the salary would easily cover the cost of living and the candidate would have a great time with Gator chicks.

you'd be wrong, plenty of fo there. fig, lev fin, trading, etc. are all there, about 200-400 positions. comp does seem a bit low, but you need to keep in mind not state or city etc. income tax, also a 1k apt is pretty f'ing baller, 1.5k puts you on ocean front with all the bitches you can eat that are year round tan, in shape, and impressed by 350z (not 370z on purpose)

If the glove don't fit, you must acquit!
 

DB jax is about 90% back office, 5% mo and 5% fo.

The comp is lower, but so is the cost of living and there is no state income tax in the state of florida.

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
 

Kind of depends on how you define finance - there is a lot of wealth in the area, especially when you get around Neptune Beach and Ponte Vedra.

TPC Sawgrass is there as well as the PGA being HQed there.

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
 
Nefarious-:

Kind of depends on how you define finance - there is a lot of wealth in the area, especially when you get around Neptune Beach and Ponte Vedra.

TPC Sawgrass is there as well as the PGA being HQed there.

Yep, I attended tpc sawgrass last year. Most of the local guys we were crashing with were still living off their parents in some way/shape/form. Very cushy area.
 
prospie:

I wonder what that's about. Some of the Milken entourage ended up in Jax in 80s, but other than that, can't think of a lot of interesting finance activity there.

such as who? one interesting history read is charter companies.

If the glove don't fit, you must acquit!
 

There were some job postings on Careerbuilder for I-Banking in Jacksonville for "Trade Support, Synthetic Equities, Prime Brokerage, & Financial Securities for one of the most recognizable financial companies in the world."

I'm thinking it's Deutsche Bank.

Hope this helps.

 
jasper90:
DB Jax gets paid like 50k plus small bonus, they also get a lot of bitch work from their NY counterparts. But they do in fact have IBD

At least, this is what I have heard from a friend.

You really should confirm before spreading this information...

DB Jax starting salary for first year analyst is same 70 + 10 sign on and bonus is same as NY/SF/LA. Bitch work? everyone does bitch work no matter what location.

Only difference is in Jax analysts work remotely with teams from NY and a lot of the times work from home instead of coming into the office.

 

I friend of mine got an offer from them last year as an IBD Analyst with a base of $55K + $5K bonus. He denied it, and ended up as a Bulge Bracket IBD Analyst in NYC.

"No man is poor who can do what he likes to do once in a while! And I like to dive around in my money like a porpoise! And burrow through it like a gopher! And toss it up and let it him me on the head!" ~ Scrooge McDuck
 

There are a small handful of analysts from the IBD in Jax. Just 1, maybe 2 analysts from the each of the larger groups (M&A, LevFin, TMT, FIG, Consumer, etc.) The entire office is almost exclusively MO or BO. There are a good amount of traders down there. The IBD analysts do get smaller bonuses, but still get paid handsomely by Jax standards (cost of living is dirt cheap). Working remotely with NY teams primarily kind of stinks especially on live deals. But they will fly you up to the NY office if you're needed for a few days. Many end up moving to NY full time in 2nd year.

 
HFer_wannabe:

Regional = "Bottom b*tch"

Analysts and interns in Jax

Can you be more specific? I'm wondering how the trading desks differ. Are the traders in Jacksonville not given as much responsibility?

 

DB is definitely trying to grow the whole Jacksonville thing. They are front office S&T. The big guys are usually up at NYC but they have some good guys down at Jacksonville. (people who want the florida weather and beach lifestyle pick the jacks office)

I strongly suggest starting a career in NYC. moving to jacks later in the career is probably a solid move.

 

I answered this for another user recently, specifically for sales. DB also has some low-tier research analysts and trading assistants out there. As far as I know they don't have any front-office traders there. The below focuses on sales, but is essentially the same for analysts.

The Jacksonville group. That's part of DB's ridiculous "near sourcing" strategy of putting some front office staff in jacksonville (an old operations office) to save even more money.

The set up is this: there are 15 or so "top" sales people in NY who cover the top accounts, big real money, etc. Then you have this cross rates sales group in Jacksonville who is a catch-all for smaller accounts, middle markets, tiny regional banks, family offices, what have you. They try to cover them for all kinds of products, and a wide range of skills is helpful. Most of them travel to NY once or twice a month to schmooze traders and clients. Their goal is to build up as much book of business as possible and then either get moved to the NY office (it happens, rarely) or go to another company and move to the NY office.

What's your background? Honestly most of those guys aren't the most technical / experienced salespeople to start with, so the bar's a little lower. As for pay, I'd imagine it's at least 30-50% lower than NY. I don't know exact numbers, but maybe guess 50-65k salary and a very low bonus unless you can produce a lot of RC (most of them don't).

 
CtrlAltEnd:

I answered this for another user recently, specifically for sales. DB also has some low-tier research analysts and trading assistants out there. As far as I know they don't have any front-office traders there. The below focuses on sales, but is essentially the same for analysts.

The Jacksonville group. That's part of DB's ridiculous "near sourcing" strategy of putting some front office staff in jacksonville (an old operations office) to save even more money.

The set up is this: there are 15 or so "top" sales people in NY who cover the top accounts, big real money, etc. Then you have this cross rates sales group in Jacksonville who is a catch-all for smaller accounts, middle markets, tiny regional banks, family offices, what have you. They try to cover them for all kinds of products, and a wide range of skills is helpful. Most of them travel to NY once or twice a month to schmooze traders and clients. Their goal is to build up as much book of business as possible and then either get moved to the NY office (it happens, rarely) or go to another company and move to the NY office.

What's your background? Honestly most of those guys aren't the most technical / experienced salespeople to start with, so the bar's a little lower. As for pay, I'd imagine it's at least 30-50% lower than NY. I don't know exact numbers, but maybe guess 50-65k salary and a very low bonus unless you can produce a lot of RC (most of them don't).

Thanks. I want to be a trader, not in sales. I was hoping there were traders down there. The idea of living in Florida where I can own a car and golf year round appeals to me.

 

Very very few.

This is really only BO and MO at best. They essentially are outsourcing work from NYC to Jax because the cost of living is a lot cheaper so they can pay you a lot less. Like 30s-40s.

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
 

There are no "true" FO roles there. They have a lot less responsibility. They do mundane and often mind-numbing work that the guys in NY or other hub locations dump on them.

Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.
 
Flake:
There are no "true" FO roles there. They have a lot less responsibility. They do mundane and often mind-numbing work that the guys in NY or other hub locations dump on them.

Not true. I know a few guys there with FO roles that are constantly having to bounce back and fourth between Jax and NYC for months at a time.

The majority; however, are all BO or MO roles.

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
 

Ask them specifically what they do and then compare that to what someone with their title would be doing in NY. I am 95% certain they have mostly non-traditional responsibilities and are not on the same level as their NY counterparts. I could be wrong, but this was a fact as of few months ago (maybe something changed during the time period).

I'm sure it's still better than taking a back office job in NY.

Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.
 
Flake:
Ask them specifically what they do and then compare that to what someone with their title would be doing in NY. I am 95% certain they have mostly non-traditional responsibilities and are not on the same level as their NY counterparts. I could be wrong, but this was a fact as of few months ago (maybe something changed during the time period).

I'm sure it's still better than taking a back office job in NY.

Sorry Flake, I stand corrected, he does CMBS trading.

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
 

Nefarious, I'm not trying to argue or anything, I'm just saying what I know (which might be stale information). Last time I heard about DB's JAX office was early this summer. They were planning to move some of the smaller/low volume trading desks to that office (partially) and some of the analytical/quant roles. These roles were supposed to be less cruicial to the actual business. Whether that plan came to fruition or has changed since then, I don't know...

For IBD, they were going to place analysts there, who would support the analysts/associates in NY/SF/etc.

Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.
 
Flake:
Nefarious, I'm not trying to argue or anything, I'm just saying what I know (which might be stale information). Last time I heard about DB's JAX office was early this summer. They were planning to move some of the smaller/low volume trading desks to that office (partially) and some of the analytical/quant roles. These roles were supposed to be less cruicial to the actual business. Whether that plan came to fruition or has changed since then, I don't know...

For IBD, they were going to place analysts there, who would support the analysts/associates in NY/SF/etc.

Oh, I'm not arguing man. I was just saying I thought the guy I know was doing IBD but he is doing CMBS trading. His role in that is FO as he is constantly going to NYC.

You are right about the rest of the DB Jax operations being (95%) support roles for the other big US Cities they are in.

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
 
Best Response

I have heard a lot of varying things about DB Jax, but from what I understand they do have some IB analysts there. I know that they travel to NY quite often and all of the VPs and MDs they work with are in NY, I am not sure if it is "real" FO IB experience, or closer to supporting the FO team in NY. Will it provide the same experience and opportunities as NYC? Probably not, but its better than BO and its probably better than a lot of other options.

I know that pay is below market, or atleast was before the salary increase (not sure if it got raised along with the others). I feel like this thread constantly gets bumped every time somebody has an interview for this office, take the interview, learn more about the job, evaluate your other options and make a decision when you have offers in hand. People always "just want to know if anybody knows about deal flow / exit ops at xyz group..", does it matter? Do you have an offer? If so, do you have other offers or are in any position to turn it down?

 
HFer_wannabe:

No shit comp is going to be much lower. No state tax and cost of living significantly less than NYC? Of course they're not going to pay $100k. That's why they opened the Jax office.

the same can be said for houston, but they still get paid 70k. my implicit point was that you're going to be a 2nd class citizen at db.
 
werdna:

I keep hearing different stories for this office. For a 1st year IB analyst, NOT operations, does anyone have any idea what the comp is like? Is it really around $50k? or is it around $70k?

How about in their Muni area?

is this just 'equities in dallas'?

50
 

@werdna

LOL, love that line from Liar's Poker, but doubtful many of the younger pups on here would recognize it.

All the world's indeed a stage, And we are merely players, Performers and portrayers, Each another's audience, Outside the gilded cage - Limelight (1981)
 

Can't really give any insight on exit opps, but from the informational session i just attended that are planning to double their FO within the next couple of years. From interning in Jax last summer though, I can't see a starting base anywhere over 55k.

Housing costs down there are pretty amazing, especially being minutes from the beach. Renting a 3-4 BR house in a nice area with 2500-3000 sq. ft won't put you out anymore than $600/month which is a huge plus.

 
gatorfinance:

Can't really give any insight on exit opps, but from the informational session i just attended that are planning to double their FO within the next couple of years. From interning in Jax last summer though, I can't see a starting base anywhere over 55k.

Housing costs down there are pretty amazing, especially being minutes from the beach. Renting a 3-4 BR house in a nice area with 2500-3000 sq. ft won't put you out anymore than $600/month which is a huge plus.

I just spit up my coffee. $600/mo for that size house? I knew Jax wasn't desirable, but didn't realize it was that bad.

 

DB CMTS is planning to move as many people as possible to these "less desirable" locations -why be based in NY i all you do is get on the phone to talk comparables and then maybe jump on a plane to visit the client? Yes its cheaper and there's the beach but your career will stagnate. Ask anyone who reads applicant resumes and you'll hear the stigma attached to certain regional offices including jacksonville. If the impression is that jax is bo, it'll stick. A friend who recently interned at DB listened to the HR repeatedly refute the possibility of sending the summer class to jax/birmingham -with HR being so adamant, you know something is up.

Stay away if you can (and from DB), but if it's your only offer, take it and keep your head down

 

The Buckhead/Sandy Springs, GA area is a lot nicer than Jax. The cost of living is also comparable, and the ATL area has a lot more high paying jobs than JAX.

"He that hath a beard is more than a youth, and he that hath no beard is less than a man." ― William Shakespeare, Much Ado About Nothing
 
Silent Guardian:

The Buckhead/Sandy Springs, GA area is a lot nicer than Jax. The cost of living is also comparable, and the ATL area has a lot more high paying jobs than JAX.

Buckhead is legit. I would take a banking gig in ATL in a heartbeat.

 

Ive heard of underperforming people in the NYC office getting sent to Jacksonville and similar. Its usually called near shoring.

I would definitely take a more senior role in one of the aforementioned low COL spots in a couple years. 140k a year with that cost of living? Sign me up.

If I had asked people what they wanted, they would have said faster horses - Henry Ford
 

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Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.
 

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