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Deutsche Bank freezes job expansion plans after North Carolina passes LGBT law

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Deutsche Bank freezes job expansion plans after North Carolina passes LGBT law

Deutsche BankAG said April 12 that it will hold its plans to create 250 new jobsat its location in Cary, N.C., after the state in late March passed a lawbarring protections for lesbian, gay, bisexual and transgender citizens.

The law, enacted March 23, invalidates existing protectionsin some municipalities and bars municipalities from adopting such protectionsin future.

"We take our commitment to building inclusive workenvironments seriously," said Deutsche Bank co-CEO John Cryan. "We'reproud of our operations and employees in Cary and regret that as a result ofthis legislation we are unwilling to include North Carolina in our U.S.expansion plans for now."

The lender employs approximately 900 people at its softwareapplication development center in Cary. Cryan said the lender is committed insustaining its presence in Cary and is hopeful of revisiting plans to grow thelocation in the near future.

Also citing the new legislation, PayPal on April 5 droppedplans to open a new global operations center in Charlotte, N.C., that it saidwould have employed over 400 people in skilled jobs.