Deutsche Bank, the 384-billion dollar German Institution, just announced the cancellation of its long-planned expansion in Cary, North Carolina over the state’s widely criticized anti-LGBT law HB2. With the move, the bank has joined the likes of musician Bruce Springsteen and adult website X-Hamster in protest of the discriminatory law.
The expansion, which was set to bring 250 jobs and a $9 million dollar investment to the state, was intended to support Deutsche’s growing IT unit, DB Global Technology.
Deutsche lambasted the law publicly, announcing their withdrawal from their North Carolina plans on both their Twitter and Facebook pages.
In addition to joining the growing outcry over HB2, Deutsche’s cancellation shines a critical light on the governor’s office. North Carolina Republican Governor Pat McCrory publicly touted the bank’s expansion in a 2015 release, stating, “North Carolina and DB Technologies both enjoy rich legacies when it comes to innovation in banking and technology.” McCrory went on, highlighting that the partnership of the state and Deutsche would “foster the growth and success of pioneering businesses like DB Global.”
— Deutsche Bank (@DeutscheBank) April 12, 2016
North Carolina’s Commerce Secretary John E. Skvarla III also endorsed the partnership, saying, “Today’s announcement by DB Global Technology illustrates the return North Carolina gets from its proactive support of existing businesses.”
By shuttering its expansion plans, Deutsche is making a moral objection that apparently supersedes any pro-business partnership it constructed with North Carolina. If the state hopes to escape its status as persona non-grata for business and entertainment going forward, Deutsche, Springsteen, X-Hamster, and others have made their demands quite clear: significant changes to HB2 must be made.
Featured image: Deutsche Bank (Twitter)