Bank drops adding 250 jobs in Cary over HB2; groups cancel events in Raleigh

CARY, N.C. (WNCN) – Deutsche Bank announced Tuesday that it will freeze plans to create 250 new jobs at its Cary, North Carolina, location, the company said in a news release.

The bank said its decision was “due to state-wide legislation enacted in North Carolina on March 23 that invalidated existing protections of the rights of lesbian, gay, bisexual and transgender fellow citizens in some municipalities and prevents municipalities from adopting such protections in the future.”

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Deutsche Bank becomes the latest company to announce it will not expand in the state. After the law passed, many national companies raised concerns. PayPal followed up by announcing it would not add 400 jobs in Charlotte, as it had previously announced. Also, WBTV reported that four conventions had pulled out of Charlotte.

The Greater Raleigh Convention & Visitors Bureau has confirmed that five groups totalling about 1,000 attendees have already canceled.

Bureau president Dennis Edwards said the canceled events would have brought $730,000 to the area. Smith said 16 other groups are considering canceling.

The Asheville Convention and Visitors Bureau said it has seen attrition as a delegation from New York cancelled their rooms due to a travel ban.

Those cancellations resulted in the loss of 45 room nights with a value of $7,800.

Asheville was also scheduled to host a post-convention excursion following a retreat slated for the Triangle area, the Bureau said.

The cancellation of that post-convention trip to Asheville was estimated to bring 200 room nights totaling approximately $36,000 in revenue.

Bruce Springsteen also canceled a concert last Sunday in Greensboro. Jimmy Buffett said on his website he will perform in Raleigh April 21 and Charlotte April 23 but future shows could depend on whether the law is repealed.

The Deutsche Bank announcement Tuesday was the first from a company that directly impacted the Triangle.

“We take our commitment to building inclusive work environments seriously,” said John Cryan, co-chief executive officer of Deutsche Bank. “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. We very much hope that we can re-visit our plans to grow this location in the near future.”

The company said it currently employs approximately 900 people at its software application development center in Cary and plans to continue at that level.

The company had announced Sept. 22 it would add 250 jobs in Cary through 2017. The News and Observer reported in 2015 that the 250 jobs in Cary were expected to pay an average of $85,600.



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