Big bank scraps plan for new jobs in wake of anti-LGBT law

by Ryan Smith12 Apr 2016
A major bank announced today that it is scrapping plans to create 250 new jobs in North Carolina over a controversial law that critics say discriminates against lesbian, gay, bisexual and transgender people.

The law, HB2, was passed March 23. It invalidated existing protections for LGBT citizens in some North Carolina municipalities and prevents any municipalities from adopting such protections in the future.

Deutsche Bank had planned to expand its software application development center in Cary, N.C. The center currently employs about 900 people. But the bank has announced it will freeze plans to add new jobs in protest of the new law.

“We take our commitment to building inclusive work environments seriously,” said Deutsche Bank co-CEO John Cryan. “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 revisit our plans to grow this location in the near future.”

Deutsche Bank is the latest of several companies that, in the wake of the passage of HB2, have canceled or frozen plans that would have brought revenue or jobs to the Tarheel State.