Deutsche Bank axes North Carolina expansion over anti-LGBT law, costing 250 jobs

Deutsche Bank has axed a planned expansion in North Carolina – over the state’s anti-LGBT law.

The controversial law, passed despite pleas from business leaders, voids all local ordinances protecting LGBT rights, and permits businesses to discriminate against LGBT people on the grounds of religious belief.

The new law also bans transgender students in public schools from using their preferred bathroom.

Governor McCrory has refused to back down even as companies including PayPal cancel much-hyped expansions to North Carolina. A number of others big businesses are reviewing their commitments in the state.

Deutsche Bank has become the latest firm to cancel expansions in the state today.

The bank currently employs approximately 900 people at its software application development centre in Cary, North Carolina.

Though it will not lay off any existing staff, the bank has dropped plans to expand the centre, costing 250 jobs that it had pledged to create in 2017.

Deutsche Bank exec John Cryan said: “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.”

Governor McCrory had previously championed the bank’s expansion – and so its expansion is seen as a personal defeat.

He had claimed: “North Carolina and DB Global Technology both enjoy rich legacies when it comes to innovation in banking and technology.
Deutsche Bank axes North Carolina expansion over anti-LGBT law, costing 250 jobs
“Our IT talent, competitive costs, great quality of life and convenient proximity by air to New York City will continue to help foster the growth and success of pioneering businesses like DB Global.”

Check out an infographic of all the harm economic harm done.