Credit Suisse Has Canceled a Deal With North Carolina

(CTN News) – Credit Suisse, one of the Triangle’s largest employers, has rescinded its employment agreement with North Carolina less than a year after it was forced to sell itself to UBS.

The reason this decision matters is that Credit Suisse’s ambitious plan to expand its Research Triangle Park facility by 1,200 additional jobs will not be realized as a result of this decision.

However, the bank – which has over 1,700 local employees and has built a new office building in RTP – has told the state’s Commerce Department that it will not be leaving the city any time soon.

Using the numbers as a guide, Credit Suisse had hired about 800 people as a result of its Job Development Investment Grant with the state in 2017.

As part of the incentive package it had received, it had received around $3 million before walking out of the deal this week.

The answer is yes, but: Since UBS’ emergency takeover in March 2023, Credit Suisse’s RTP operations, which are mostly technology-related jobs, have been facing an uncertain future.

According to the company’s previous statement, it had around 2,300 jobs in the Triangle, so it has seen many of those jobs disappear since the merger took place.

They’re saying as follows: “The number of employees at the facility has declined below the point where we will be able to meet the minimum number of employees required by the grant,” Heather Kutter Gallagher,

Credit Suisse’s chief operating officer in the U.S., wrote to the North Carolina Department of Commerce today.

The company is committed to remaining in North Carolina and will maintain a significant presence there in the future,” Gallagher said.

As a reminder, Credit Suisse was one of the first financial giants to establish a presence in the Triangle back in 2005, when it was one of the first to establish a presence here. Other companies followed suit, including Fidelity Investments, MetLife, and Deutsche Bank to name a few.

In addition to pushing for a repeal of House Bill 2 – the so-called bathroom law – the bank also pressured the state to do so.

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