RALEIGH, N.C. _ Swiss banking giant Credit Suisse plans to hire an additional 1,200 workers in North Carolina over the next several years.
The long-awaited announcement was made Tuesday by Gov. Roy Cooper at the company's office in the Research Triangle Park area, which is anchored by several universities and cities. Credit Suisse currently employs 1,700 workers in the region. The company will invest $70.5 million in its expansion and will receive $40.2 million in tax breaks from the state if it meets hiring and investment targets.
The expansion will be one of the 10 largest economic developments in North Carolina in the past decade, according to the governor. But it almost didn't happen.
In early March, Cooper told CBS North Carolina that a financial firm was interested in bringing 1,500 high-paying jobs to North Carolina but was concerned about the impact of House Bill 2, which prohibited local governments from enacting anti-discrimination protections for LGBT people and required people in government facilities to use bathrooms matching the gender on their birth certificates.
Eric Varvel, president and CEO of Credit Suisse USA, confirmed at Tuesday's announcement that HB2 weighed heavily on the company's decision.
"We pride ourselves on fostering a truly inclusive and high-quality work environment for our employees here and around the world," Varvel said in a statement. "We opposed HB2, which was at odds with these core values. While it was on the books, we chose to halt our expansion plans in the state and consider other options. We realize the recent repeal of HB2 contains some compromises, and while not perfect, it is an important first step that re-establishes the minimum conditions for us to expand our presence in the state."
The new law has drawn criticism because it includes a nearly four-year moratorium that prevents cities and counties from adopting anti-discrimination protection for LGBT people.
Much of Credit Suisse's local workforce is involved in technology, including everything from developing trading applications to technical support. It also employs workers in finance, investment banking and research. The new jobs will also be in IT and finance. Salaries will vary by position, but the average annual salary will be $100,000. The average wage in Wake County is $53,783.
Last month, Credit Suisse reported a profitable first quarter and announced plans to raise about 4 billion Swiss francs _ a little more than $4 billion _ by issuing new shares. The company's chairman, Urs Rohner, told analysts the shares would underpin growth and help complete ongoing restructuring.
Credit Suisse first established a presence in the Triangle region in 2005, making it the first major financial services firm headquartered elsewhere to become a major employer in the area. It blazed a trail that Deutsche Bank, Fidelity Investments and MetLife subsequently followed.
The law to replace HB2 was also a factor in Trilliant Networks' decision last month to move its global headquarters from Silicon Valley to Triangle-area town of Cary. The communications technology company plans to create 130 jobs there over the next five years.
"I think it's a step in the right direction that convinced us that we felt comfortable enough to come here," CEO Andy White told The News & Observer in an interview.
