Credit Suisse Adding Jobs in North Carolina as It Gets Tax Break

  • Bank to add 1,200 roles to Raleigh offices over next few years
  • Firm says partial repeal of controversial bill played a part

Credit Suisse Group AG is adding 1,200 jobs to its offices in Raleigh, North Carolina, weeks after state’s lawmakers and governor reached a deal to resolve a standoff over the state’s so-called bathroom bill.

Credit Suisse will increase staff in finance, technology and operations starting this year, through a combination of moving roles from New York and making new hires, the bank said. The firm already employs about 1,500 people in the area, and will receive $40.2 million in tax reimbursements over 12 years if it meets hiring and investment targets, the state’s governor said in a statement.

While Credit Suisse is retrenching globally as part of Chief Executive Officer Tidjane Thiam’s turnaround plan, its cost-cutting efforts have been a boost to the operations in North Carolina’s Research Triangle area. Global banks including Deutsche Bank AG and Goldman Sachs Group Inc. have been moving a greater portion of employees to lower-cost locations as part of plans to trim expenses amid low interest rates, weak trading revenue and legal bills tied to past misconduct.

In its decision to expand in North Carolina, the Swiss bank cited a partial repeal of the state’s HB2 bill, a law passed last year that required transgender people to use bathrooms based on their gender at birth rather than how they identify. Credit Suisse plans to invest $70.5 million at its North Carolina unit, according to the governor’s statement.

“While we realize the recent repeal of HB2 contains certain compromises, our view, consistent with other organizations, is that it is an important first step that re-establishes the minimum conditions for us to expand our presence in the state,” the bank said.

    Before it's here, it's on the Bloomberg Terminal.