Deutsche Bank Cancels $9 Million Expansion at North Carolina Location Because of HB2

By Adam Polaski • April 12, 2016 • 10:44 am

The fallout continues over North Carolina’s hasty passage of House Bill 2, which knocks down municipalities’ ability to enact local ordinances protecting LGBT North Carolinians from discrimination and then codifies anti-transgender policies into state law. This morning Deutsche Bank canceled plans to invest $9 million in an expansion in Cary, North Carolina.

deutschebank

In September 2015, the bank announced its plans to expand its operations in Cary, North Carolina, adding 250 new jobs. This morning, the bank walked back those plans, citing HB2 and saying it was uncomfortable adding these new jobs in a state that discriminates.

Deutsche Bank Co-Chief Executive Officer John Cryan‬ said today:

“We take our commitment to building inclusive work environments seriously. 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 US expansion plans for now. We very much hope that we can re-visit our plans to grow this location in the near future.”

In September, Governor Pat McCrory – who signed the anti-LGBT HB2 into law less than 12 hours after its introduction – proudly heralded the bank’s plans to expand in Cary. Just seven months later, his actions, and the actions of the North Carolina General Assembly, ultimately are to blame for the loss of this economic development.

Deutsche Bank’s announcement comes a week after similar canceled plans from Paypal, which withdrew plans to open a new global operations center in Charlotte.

With more and more businesses finding House Bill 2 incompatible with their business plans and future in North Carolina, one thing is clear: The North Carolina General Assembly must take action this year to begin to repair the damage it has already done, and repeal HB2.

Take a look at more of the businesses that have condemned HB2 here.


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