Credit Suisse, a major employer in the Triangle region of North Carolina, has terminated a jobs agreement with the state less than a year after being compelled to sell itself to competitor UBS to avert insolvency.
The decision carries significance as it means Credit Suisse’s ambitious plan to expand its workforce by adding 1,200 jobs in Research Triangle Park will not come to fruition. Despite this setback, the bank, with approximately 1,700 employees locally and a newly constructed office building in RTP, has assured the state’s Commerce Department of its intention to maintain its presence in the area.
Under the terms of a 2017 Job Development Investment Grant with the state, Credit Suisse had already generated roughly 800 jobs. However, the bank’s withdrawal from the agreement this week signifies an end to its plans for expansion, despite having received around $3 million in incentives.
The future of Credit Suisse’s operations in RTP, primarily focused on technology-related roles, had been uncertain since UBS’ emergency takeover in March 2023. The company had previously reported employing around 2,300 individuals in the Triangle, indicating a significant reduction in its workforce post-acquisition.
Heather Kutter Gallagher, Credit Suisse’s chief operating officer in the U.S., cited a decline in the number of employees at the facility as the reason for not meeting the minimum employee count stipulated in the grant agreement. However, she emphasized UBS’ commitment to maintaining a substantial presence in North Carolina.
Credit Suisse has a notable history in the Triangle, having been one of the pioneering financial institutions to establish a presence in the region in 2005. Its influence spurred the entry of other financial giants such as Fidelity Investments, MetLife, and Deutsche Bank. Additionally, the bank played a prominent role in advocating for the repeal of House Bill 2, commonly known as the bathroom bill.