NC: Credit Suisse to Invest 70.5M, Expand, Create 1,200 Jobs in Wake County
10 May, 2017
Credit Suisse will expand its Research Triangle Park (RIP) campus operations, creating 1,200 new jobs in North Carolina over the next several years, Governor Roy Cooper announced. The company plans to invest $70.5 million at its current campus in RTP to accommodate this expansion.
“Credit Suisse has enjoyed a strong presence in North Carolina for more than a decade, and they’ve flourished here,” said Governor 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, offering clients its combined expertise in private banking, investment banking and asset management. Headquartered in Zurich, Credit Suisse employs close to 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 to North Carolina, 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,” said Eric Varvel, President and CEO of Credit Suisse USA. “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.”
Varvel added, “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. We thank Governor Cooper and the North Carolina legislature for their leadership and cooperation on this key issue. We will continue our commitment to promote diversity and inclusion for all of our employees, and look forward to attracting the top talent in the Triangle and North Carolina to join us and to build their careers at Credit Suisse.”
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.
“Credit Suisse has had a transformational impact on the Research Triangle and Wake County, and that impact just got stronger today,” said N.C. Senator Jay Chaudhuri. “We welcome these new jobs to our community and know they will have a lasting impact on the economic prosperity of our region.”
“It’s an exciting day for Research Triangle Park, House District 40, and all the residents of the surrounding counties who will have more than 1,000 new job opportunities to pursue,” said Rep. Joe John. “We’re delighted that Credit Suisse has chosen to grow with us again.”
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.