Mar 20, 2023 - Business

Credit Suisse struggles could affect Research Triangle Park presence

Photo Illustration: Omar Marques/SOPA Images/LightRocket via Getty Images

The future of one of the Triangle's largest employers is uncertain after it was forced to sell itself to a rival.

Driving the news: Over the weekend, Swiss banking giant Credit Suisse toppled due to solvency concerns.

Why it matters: Credit Suisse has suffered from a series of scandals in recent years that have tanked the price of its shares. It was already in the process of cutting 9,000 jobs globally.

  • The bank has around 2,300 employees based in Research Triangle Park, according to state records, many of them working in technology-based positions.

What we're watching: It's too early to determine what impact the sale could have on the Triangle's job market.

  • The merger hasn't closed yet, but UBS Chairman Colm Kelleher said Sunday UBS will look for $8 billion in cost savings.
  • In the meantime, the company's office in RTP is continuing normal operations, according to a source close to the matter that did not want to be named before a deal closed.

Flashback: Credit Suisse was one of the first financial giants to set up shop in the Triangle, when it first established a presence here in 2005. Other financial companies, like Fidelity Investments, MetLife and Deutsche Bank followed.

  • In 2017, Credit Suisse received state incentives to add 1,200 more jobs in RTP. Around 800 of those pledged jobs have been created, according to state records from last year.
  • The bank also notably pressured the state to repeal House Bill 2 — the so-called bathroom bill.
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