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Credit Suisse To Invest $40 Million, Add 400 Jobs at Its RTP Center

Posted April 18, 2006

— Credit Suisse

will invest $40 million and double the size of its workforce at its Research Triangle Park office over the next two years, the company and Governor Mike Easley said Tuesday.

Credit Suisse, a financial services firm, currently occupies approximately half of Building 11 in Cisco Systems' RTP campus. It is constructing a new office nearby at Louis Stephens Road and Kit Creek Road.

The company currently enrolls some 400 people in RTP. It opened the local office in May of 2005 after deciding to expand to North Carolina in October of 2004. The original investment was estimated at $100 million.

"Since beginning operations in Research Triangle Park in 2005, we have assembled a dynamic workforce here that truly works as a team," said Tom Sanzone, chief information officer of Credit Suisse, in a statement. "The Triangle has provided us with excellent training for our employees, proving this area to be an ideal place for Credit Suisse to do business and support our international client base."

North Carolina and local governments contributed some $14 million in incentives to land Credit Suisse's original operation. Easley said the state would provide a job development investment grant to assist Credit Suisse's expansion.

If all the jobs are created, Credit Suisse could receive nearly $13 million in state tax incentives over 10 years.

"Today's announcement further strengthens North Carolina's solid reputation in the financial services and information technology industry," said Easley in a statement. "Credit Suisse's choice to expand operations in our state proves that North Carolina not only has what it takes to attract global financial companies, but that this is a place where these companies can grow and thrive."

The new jobs are projected to pay an average salary of $86,000 plus benefits.

Credit Suisse's RTP operation includes operations and information technology personnel. The company employs more than 40,000 people worldwide.

As part of the requirements to receive the state tax incentive, Credit Suisse will pay nearly $4.2 million to North Carolina's industrial development fund for infrastructure improvements in rural areas of the state.

The N.C. Department of Commerce, the N.C. Community College System, the N.C. Employment Security Commission, Wake County and the Research Triangle Foundation also participating in the negotiations for the expansion project.


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