Business

Credit Suisse expansion means 1,200 new jobs

May 9. Credit Suisse will expand its Research Triangle Park campus operations, creating 1,200 new jobs in North Carolina over the next several years. Now that HB2 has been repealed, the company plans to invest $70.5 million at its current campus in RTP to accommodate this expansion.

“We opposed HB2, which was at odds with these core values. While it was on the books, we chose to halt our expansion plans in the state and consider other options. We realize the recent repeal of HB2 contains some compromises, and while not perfect, it is an important first step that re-establishes the minimum conditions for us to expand our presence in the state,” said Eric Varvel, president and CEO.

“Credit Suisse has enjoyed a strong presence in North Carolina for more than a decade, and they’ve flourished here,” said Gov. Roy Cooper. “We’re encouraged that this commitment to North Carolina will bring high-paying jobs and spur economic development across our state.”

Credit Suisse is one of the world’s leading financial services providers, with some 47,000 employees in about 50 countries worldwide, including approximately 1,500 already in Wake County.

“Credit Suisse is just the kind of financial services company with an international footprint needing a broad talent base that creators envisioned for Research Triangle Park,” said North Carolina Commerce Secretary Anthony M. Copeland. “With its location between our three flagship universities and unparalleled quality of life, companies like Credit Suisse thrive here.” N.C. Commerce and the Economic Development Partnership of N.C. led the state’s support for the company’s expansion.

Credit Suisse will bring a variety of jobs here, including IT, finance, and other critical corporate functions. Salaries will vary by position, but the total compensation of the 1,200 new jobs in Raleigh is expected to represent more than $100 million per year over the next 10 years. The average wage in Wake County is $53,783.

“Over the past decade, Credit Suisse Raleigh has become an important and effective center supporting our U.S. businesses,” Varvel said. “We have had a long commitment to North Carolina, our people and their families in the Raleigh community, and we pride ourselves on fostering a truly inclusive and high-quality work environment for our employees here and around the world.”

Credit Suisse’s expansion in Wake County will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Under the terms of the JDIG, the company is eligible to receive up to $40.2 million in total reimbursements. Payments will occur in annual installments over 12 years pending verification by N.C. Commerce and N.C. Revenue that the company has met incremental job creation and investment targets. JDIGs reimburse new and expanding companies a portion of the newly created tax-base while still increasing the overall revenue benefit to the state of North Carolina.

By law, JDIG projects must result in a net revenue inflow to the state treasury over the life of the award. For projects in Wake and other Tier 3 counties, 25 percent of the eligible grant is directed to the state’s Industrial Development Fund – Utility Account to help finance economic infrastructure in rural counties. The Credit Suisse expansion could provide as much as $13.4 million in new funds to help rural areas through the Utility Account. More information on county tier designations is available here.

Partnering with N.C. Commerce and the EDPNC on this project were the North Carolina General Assembly, the North Carolina Community College System, Wake County Economic Development, Wake County, NC State University, Capital Area Workforce Development Board, The Research Triangle Park Foundation and Duke Energy.

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