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FOR IMMEDIATE RELEASE
December 5, 2002
PR 319-02
www.nyc.gov


MAYOR MICHAEL R. BLOOMBERG AND GOVERNOR GEORGE E. PATAKI
ANNOUNCE DEUTSCHE BANK TO LOCATE U.S. HEADQUARTERS
IN LOWER MANHATTAN

Mayor Michael Bloomberg and Governor George E. Pataki today announced that Deutsche Bank has decided to move its U.S. headquarters and 5,500 employees from Midtown Manhattan to Lower Manhattan, a commitment that will help the area's economy rebuild, and boost local and state efforts to attract more businesses and jobs to downtown. The 1.6 million square foot office tower is located at 60 Wall Street; approximately 1,000 employees have moved in with the remainder relocating to the new building in early 2003. Deutsche Bank Chairman Josef Ackermann, Deputy Mayor for Economic Development and Rebuilding Daniel L. Doctoroff, NYC Economic Development Corporation President Andrew Alper, and Empire State Development Corporation Chairman Charles Gargano also attended the announcement.

"By relocating their U.S. headquarters in Lower Manhattan, Deutsche Bank has joined sixty other large companies and thousands of small businesses that have made a commitment to Lower Manhattan," Mayor Bloomberg said. "The presence of a global financial leader such as Deutsche Bank underscores downtown's enduring status as the 'Financial Capital of the World.' But even more importantly, today's announcement is a continuation of Deutsche Bank's record as a strong corporate citizen. Deutsche Bank and its employees contributed more than $14 million and thousands of volunteer hours to relief efforts following the attacks of 9/11. It's that kind of commitment that will help take Lower Manhattan into the future."

"Over the nearly 15 months since the horrific attacks on the World Trade Center, we have mourned those we've lost, yet, as New Yorkers, found the strength to pull together and look beyond the ruins," Governor Pataki said. "We know that we have to fight each day to create and retain jobs, both here in Lower Manhattan and across this great State. Deutsche Bank joins a host of other corporations whose commitments to Lower Manhattan are critical as we continue to work together in the public and private sectors to rebuild our city, revitalize our economy, recruit new business and bring new jobs and economic opportunities to Lower Manhattan. I commend Deutsche Bank on its decision that will help us make New York prouder, stronger and better than ever."

"Deutsche Bank has established itself as an important force in New York, particularly in the capital markets business and in the asset management area where it is an industry leader," said Chairman Ackermann. "Growing our market share remains a key strategic goal for the bank. Moving into 60 Wall Street not only underlines our commitment to New York but represents another step forward in building our U.S. franchise."

Today's announcement was the result of an agreement between Deutsche Bank and the World Trade Center Job Creation and Retention Program, which provides grant support for businesses relocating to Lower Manhattan. Under the agreement, Deutsche Bank will maintain at least 6,500 jobs in New York City over a ten-year period. At least 5,500 jobs will be in Lower Manhattan, primarily at 60 Wall Street, with the remaining 1,000 or more jobs located at the bank's existing facilities in midtown.

Prior to September 11, 2001, Deutsche Bank maintained downtown offices totaling 1.8 million square feet at 4 World Trade Center and at 130 Liberty Street, in addition to offices in midtown. 4 WTC was destroyed during the attacks and 130 Liberty suffered extensive damage forcing the bank to move employees to other locations.

In July 2001 Deutsche Bank reached an agreement to purchase 60 Wall Street from J.P. Morgan Chase. The transaction closed on November 1, 2001. The bank has been occupying the building in phases while renovating the existing space to meet specific requirements. The bank's current U.S. headquarters is located at 31 West 52nd Street.

"The unprecedented spirit of cooperation among the City, State and private sector has allowed us to make remarkable strides in returning Lower Manhattan to its rightful place as the financial capital of the world," said NYC Economic Development President Andrew Alper. "I applaud Deutsche Bank's decision to purchase 60 Wall Street to be its U.S. home."

"Having a bank of Deutsche Bank's stature making this kind of commitment reinforces our message that New York will forever be the world's preeminent city, and Lower Manhattan forever the capital of the financial world," said NYS Empire State Development Corporation Chairman Charles A. Gargano. "The Governor and Mayor are doing a tremendous job moving this city forward, and we're working to bring more investments and jobs downtown."

The Job Creation and Retention Program is a federally funded assistance program targeting the approximately 140 companies south of Canal Street having more than 200 employees. The program -- jointly administered by the Empire State Development Corporation and the New York City Economic Development Corporation -- is designed to stabilize the job base in Lower Manhattan, restore the vibrancy of the downtown community, encourage the creation of new jobs, attract new businesses and diversify the downtown economy. The program is targeted at large companies because they account for more than half of all the private sector jobs in Lower Manhattan, which in turn support thousands of smaller-sized businesses.

The grant terms of the program are discretionary but require the commitment of the companies to a minimum seven-year stay in Lower Manhattan. The grant determination is based on criteria such as proximity to the World Trade Center site, economic and fiscal impact, early commitment, number of jobs retained, number of jobs created, and risk of relocation. Companies must adhere to their long-term commitment to downtown or face recapture of two times the value of their grant. Additional information on the program can be found at www.nylovesbiz.com.

 

www.nyc.gov

Contact:

Edward Skyler / Jennifer Falk
(212) 788-2958

  Michael McKeon (Governor)
(518) 474-8418/(212) 681-4640
  Michael Sherman (EDC)
(212) 312-3804
  Rohini Pragasam (Deutsche Bank)
(212) 469-4516