Deutsche Bank puts North Carolina expansion on hold over LGBT law

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Deutsche Bank is putting its North Carolina expansion plans on hold because of a new state law that eliminates existing protections for lesbian, gay, bisexual and transgender people. 

The German bank said it is freezing plans to add 250 jobs at its Cary, N.C., location, where 900 people work at its software application development center. Its move is the latest corporate protest over the law.

{mosads}“We take our commitment to building inclusive work environments seriously,” said John Cryan, co-chief executive of Deutsche Bank, in a news release on the bank’s website.

“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,” Cryan said. 

“We very much hope that we can re-visit our plans to grow this location in the near future.”

The bank’s statement noted that the new law not only eliminates anti-discrimination protections but prevents cities across the state from adopting their own protections in the future.

The law requires people to use the bathroom of the gender listed on their birth certificate. 

The Legislature last month moved the bill quickly after the city of Charlotte implemented an ordinance that would have allowed LGBT people to use the bathroom for the gender they identify as. 

The bank had announced its expansion plans in September to the praise of North Carolina Gov. Pat McCrory (R).

Last week, PayPal canceled its plans to open a new facility in Charlotte, which was expected to employ 400 people, because of the law.

Then rock musician Bruce Springsteen called off his concert set for Greensboro, last weekend to protest the law.

Tags Deutsche Bank John Cryan Pat McCrory PayPal

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