Feb 14, 2024 - News

Credit Suisse cancels jobs deal with North Carolina

The Credit Suisse logo on a window

Photo: Stefan Wermuth/Bloomberg via Getty Images

Credit Suisse, one of the Triangle's largest employers, has canceled a jobs agreement with North Carolina less than a year after it was forced to sell itself to rival UBS to avoid insolvency.

Why it matters: Credit Suisse's decision means that its ambitious plan to add 1,200 additional jobs in Research Triangle Park will not be completed.

  • However, the bank — which has around 1,700 local employees and a new office building in RTP — will not be leaving the area, it told the state's Commerce Department.

By the numbers: Credit Suisse had created around 800 jobs related to a 2017 Job Development Investment Grant it made with the state.

  • Before walking out of the agreement this week, it had received around $3 million in incentives.

Yes, but: The fate of Credit Suisse's RTP operations, which are mostly technology-related jobs, had been uncertain since UBS' emergency takeover in March 2023.

  • The company had previously reported having around 2,300 jobs in the Triangle, meaning it has seen many jobs disappear since being acquired.

What they're saying: "The number of employees at the facility has declined below the point where we will meet the minimum employee count under the grant," Heather Kutter Gallagher, Credit Suisse's chief operating officer in the U.S., wrote to the N.C. Department of Commerce.

  • G"UBS is committed to remaining in North Carolina and intends to retain a significant presence in North Carolina," Gallagher added.

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. Others, like Fidelity Investments, MetLife and Deutsche Bank followed.

  • The bank also notably pressured the state to repeal House Bill 2 — the so-called bathroom bill.

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