Financial services giant Deutsche Bank plans to create 250 jobs at its software development center in Cary during the next two years.
The German company’s DB Global Technology subsidiary is in line to receive as much as $3.38 million in state incentives over 12 years if it achieves its job target, state officials announced Tuesday. The latest state incentive package is the third awarded to the company.
Deutsche Bank, which decided in 2009 to locate its global technology center in Cary, said it will have more than 700 workers at the site at the end of this month. The company’s expansion also entails a $9 million investment through the end of 2016.
The center develops and tests software that the company uses at its sites around the world for functions such as trading, managing orders and processing transactions. Deutsche Bank generated $47.3 billion in revenue last year and has more than 98,000 workers worldwide.
The new jobs – which will include technology engineers, software developers and analysts – are expected to pay an average average salary of $85,600, according to data provided by the Department of Commerce. Wake County’s average annual wage is $50,702.
Deutsche Bank officials weren’t available for comment on their near-term hiring plans. The company reported via e-mail that it is in the process of securing additional space to accommodate its new hires.
Dan Minto, head of DB Global Technology, said in a statement that the expansion reflects the company’s commitment “to continuously improve our processes and platforms by embracing new and enhanced technology.”
Deutsche Bank was awarded as much as $5.6 million in incentives in 2013, when it announced plans to more than double in size by adding 431 jobs by the end of 2016. It also received a state incentives grant worth up to $9.4 million in 2009 when it chose to establish its then-new subsidiary in Cary.
Commerce Department officials didn’t respond to a request for an update on the incentives money that the company has received to date.
Deutsche Bank said it it expects to satisfy the job target set in conjunction with the 2013 award by the end of this year.
In addition to Deutsche Bank, financial services companies such as Fidelity Investments, MetLife and Credit Suisse are major Triangle employers. Last week Credit Suisse said it had subleased 70,000 square feet of space in Morrisville that would enable it to add in the neighborhood of 300 new employees next year.