Deutsche Bank Halts North Carolina Growth Plan Over Anti-Gay Law

Paying a Price for Anti-Gay Laws

Deutsche Bank AG said it is freezing expansion plans at a North Carolina location in response to a state law that invalidates protections based on sexual orientation.

The German lender in September said it planned to add 250 jobs to the 900 existing positions at a software development center in Cary, just west of Raleigh. The bank is putting that expansion on hold following the state legislature’s decision last month to overturn protections for lesbian, gay, bisexual and transgender residents in some cities, according to a statement Tuesday from the Frankfurt-based firm.

“We take our commitment to building inclusive work environments seriously,” co-Chief Executive Officer John Cryan said in the statement. “We’re proud of our operations and employees in Cary and regret that as a result of this legislation we are unwilling to include North Carolina in our U.S. expansion plans for now.”

PayPal Holdings Inc. said last week it was scrapping plans to build an operations center in Charlotte in protest of the law. Executives of more than 100 companies, including Bloomberg LP’s Peter Grauer, also sent a letter to Governor Pat McCrory expressing opposition to the measure. Bloomberg LP is the owner of Bloomberg News.

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