Daily Record Financial News &
Monday, June 15, 2015
Vol. 102, No. 151 • Two Sections
35¢ www.jaxdailyrecord.com
City and Neptune battle over fees Beach officials OK to wait for Curry
By David Chapman Staff Writer
State Attorney Angela Corey in the historic law library in the Ed Austin Building at 311 W. Monroe St. It’s just part of the history preserved in the structure. See more photos on Page A-10.
A monument to Jacksonville history
By Max Marbut Staff Writer Stepping foot into parts of Ed Austin State Attorney’s Office is like taking a step back into history. A law library and an original courtroom have returned to their former glory. Historic corridors with terrazzo floors and lighting fixtures connect office areas. Elevator doors with an eagle-motif, fashioned in the art-deco-style, remain in place on the ground floors. Renderings of the iconic “Blind Justice” figure are carved in the ceiling of the restored courtroom. Eighty years of history in a monument of
1930s-era design for some of Jacksonville’s government history. Since February, it’s been the workplace of State Attorney Angela Corey and others in her office. “We just love it,” said Corey. New decor in the public areas preserves some of Jacksonville’s government history, including a city seal that originally was installed in the City Council chamber on the top floor of the former City Hall building along East Bay Street. It’s one of several municipal artifacts displayed. In 2003, when the federal government transferred ownership of the Old Federal Courthouse to the city, the agreement included requirements to preserve much of SAO continued on Page A-10
Photos by Max Marbut
New office preserves several artifacts
Mayor Alvin Brown’s administration wants to resolve a long-standing dispute with Neptune Beach over landfill fees before his terms ends June 30. But Neptune Beach officials appear willing to let any resolution come with the next mayor. Landfill fees, commonly referred to as tipping fees, have been a thorn in relations between the two communities since billing began in fiscal 2011-12. Since the start of fiscal 2012-13, the beach community has owed the city more than $525,000, but has not yet started paying. Neptune Beach Mayor Harriet Pruette said the fees were “slipped in” Jacksonville’s budget at a time when she and her city manager thought they were still being negotiated. “They’re trying to absolutely bankrupt us,” Pruette said in a Friday interview. She addressed Jacksonville City Council in January, sharing frustration and disappointment over a lack of meaningful discussions since she sent Brown a letter in October. There were opportunities for those discussions, Brown’s administration said then, but they were declined by Neptune Beach officials. In late May, the city reached out. Senior Assistant General Counsel Loree French sent an attorney representing Neptune Beach a proposed resolution. In exchange for the $525,408 owed, Neptune Beach would be responsible for repaving a stretch of Florida Boulevard totaling about $193,700 and an area of Penman Road costing $330,936. And, Neptune
The city seal and a portion of the wall formerly in the City Council chamber of the former City Hall along East Bay Street is now in one of the public spaces of the Ed Austin Building.
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Deutsche Bank growing here, cutting elsewhere A major global bank is continuing to expand in Jacksonville, despite an upheaval in its operations elsewhere. Germany-based Deutsche Bank last week announced its co-CEOs are resigning, six weeks after they announced their “Strategy 2020” plan that included “reducing the number of countries or local presences by 10-15 percent.” While company officials have not mentioned specific cuts, Deutsche Bank did say it would continue to invest in certain markets and, apparently, Jacksonville is one of them. “We will continue to strategi-
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cally invest in the region across all business divisions and infrastructure functions and further focus our efforts as an active member of the Jacksonville community. Jacksonville continues to be a critical component of our location footprint in the Americas,” Deutsche Bank spokeswoman Catherine Wooters said by email last week, repeating what she told the Daily Record in May. Deutsche Bank opened its Jacksonville operations center in 2008 and has grown it to 1,700 employees, up about 300 in the last two years. The Jacksonville center is
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Deutsche Bank’s largest U.S. operation outside of New York, Wooters said. The Daily Record has reported the bank has been looking for new office space on Jacksonville’s Southside to consolidate its operations, but Wooters said last week nothing has been finalized. Globally, Deutsche Bank has been under pressure from share-
holders to improve its operations, and that is likely behind the decision of co-CEOs Juergen Fitschen and Anshu Jain to announce their resignations. Jain will resign June 30, but Fitschen will remain until Deutsche Bank’s annual meeting in May. Meanwhile, John Cryan was appointed as co-CEO effective July 1 and will become the sole CEO when Fitschen leaves. Cryan was most recently president for Europe for a Singaporean investment company called Temasek, and he has been a member of Deutsche Bank’s Supervisory Board since 2013.
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Deutsche Bank’s stock had been falling since the Strategy 2020 announcement in late April but it rose $1.52 to $32.15 on the New York Stock Exchange last Monday after the CEO shake-up was announced. Deutsche Bank’s shares are traded in New York and in Germany.
JPMorgan hits new high
Another major global bank expanding in Jacksonville while it cuts elsewhere, JPMorgan Chase & Co., reached a record high last week. Basch
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consecutive weekdays