Deutsche Bank cancels North Carolina expansion in wake of anti-LGBT law

Deutsche Bank has announced that it will freeze a 250-person job expansion that was due to be carried out in Cary, North Carolina, because of the state’s recently passed anti-LGBT law.  The bank, a founding member of Out Leadership,  currently employs 900 people at its tech development center in the state.

John Cryan, Deutsche Bank’s Co-Chief Executive Officer, wrote in a statement, “We take our commitment to building inclusive work environments seriously… We regret that as a result of this legislation we are unwilling to include North Carolina in our US expansion plans for now.  We very much hope that we can re-visit our plans to grow this location in the near future.”

The North Carolina law, which precludes local authorities from implementing LGBT-inclusive nondiscrimination measures and restricts trans bathroom usage, has drawn widespread condemnation.  Last week PayPal cancelled an expansion that would have created 400 jobs in the state, and over 100 corporations, including Charlotte-headquartered Bank of America, have called for the law’s repeal.

Read the full press release from Deutsche Bank

Read more coverage from the Financial Times