Double down.

• Author: Martin, Cathy
• Position: Statewide: Triangle

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...