The Triangle’s budding reputation as a hub for financial technology got a boost last month when Credit Suisse said it will add 1,200 jobs over the next several years at Research Triangle Park. The project, which involves an investment of $70.5 million, marks one of the state’s biggest economic-development announcements in recent years.
Zurich-based Credit Suisse opened its first RTP office in 2005, realizing after 9/11 that a heavy concentration in New York City — its operations and technology groups were at 5 World Trade Center — could be a disadvantage in the event of a crisis.
Once again, the Big Apple’s loss is North Carolina’s gain. “In essence, we’re not just moving jobs. We are shifting leadership, and Raleigh will become the U.S. hub for our corporate-support functions,” says Jim Captain, Raleigh site executive for Credit Suisse. The new jobs will be a combination of relocations plus local hires.
The shift comes as Switzerland’s second-largest bank is cutting jobs globally. After two consecutive years of losses, including about $2.4 billion for 2016, Credit Suisse said in February it would slash 5,500 to 6,500 jobs by year-end after cutting more than 7,200 in 2016.
“[The Triangle] again, because of our track record, great history and proven efficiencies in the way we operate, became a focal point” for the growth, says Captain, who was part of the team that helped choose RTP in 2005.
The expansion will add jobs in technology development and support and infrastructure engineering. “We do a lot of support for our global network right here,” Captain says, “and we’re also building a fairly significant cybersecurity hub here.” The company also plans to add jobs in finance supporting treasury and tax functions and risk management.
Though previous expansions have swelled the company’s local head count from 250 in 2005 to 1,500 plus about 400 contract workers today, the recent deal wouldn’t have happened if it weren’t for the March repeal of House Bill 2.
“We opposed HB2, which was at odds with [the company’s] core values,” said Eric Varvel, CEO of Credit Suisse’s U.S. division in a news release announcing the project. “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.”
Average annual salaries for the new jobs will exceed $100,000, and Credit Suisse could receive as much as $40.2 million in state grants if it meets hiring goals.
In the last decade, companies have added hundreds of financial-technology jobs in the region. In 2013, New York-based MetLife announced 1,386 jobs at a new global technology campus in Cary. Boston-based Fidelity Investments now employs about 4,000 at RTP.
“If you look at Raleigh, as far as I’m concerned, once you come here it’s an easy sell,” Captain says, citing the region’s skilled workforce, health care and the state’s university system. “All of those things have led to what has been a very successful buildup over the years and have taken us to this point where we can now double down.”
CARY — Trilliant Networks will move its headquarters here, investing $1.8 million and adding 130 jobs. The Redwood City, Calif.-based company develops smart-grid communications technology for electrical utilities. Average annual salary for the jobs will be about $100,000, nearly double Wake County’s $53,783.
CARY — Gov. Roy Cooper named Frank Emory chairman of the Economic Development Partnership of North Carolina, the state’s chief job-recruiting agency. With a bachelor’s from Duke University and law degree from UNC Chapel Hill, the Wilson native is a partner at the Hunton & Williams law firm in Charlotte. He succeeds John Lassiter, an appointee of former Gov. Pat McCrory.
RALEIGH — INC Research Holdings will acquire Boston-based rival inVentiv Health for $4.6 billion. The deal, expected to close in the second half of 2017, will create a contract-research organization with revenue of more than $3.2 billion and more than 22,000 employees in 60 countries.
RALEIGH — Captrust Financial Advisors acquired Austin, Texas-based InTrust Fiduciary Group, a retirement-plan adviser. Financial terms of the deal were not disclosed. Captrust manages about $229 billion in assets.