Credit Suisse to add 400 jobs, expand RTP facility
Triangle Business Journal
June 20, 2006

Credit Suisse First Boston on Tuesday confirmed that the company plans to add as many as 400 new jobs to its Triangle payroll in an expansion of its "Center of Excellence" facility.

The Switzerland-based financial institution plans to fill the new positions over the next two years and invest $40 million in the Research Triangle Park facility, which houses support staff for the company's investment banking division.

Construction on the facility expansion is expected to begin summer, and new employee hiring will start by the end of the year. Credit Suisse officials claim the new positions will pay an average annual salary of more than $86,000, compared to an average Wake County salary of $34,268.

If the company creates and maintains the 400 additional jobs over the next 10 years, it could receive as much as $12.7 million in state incentives.

The new jobs represent a substantial increase from the company's initial employment projections for RTP. In October 2004, Credit Suisse said the total employment at the global business center would reach 400 people with an average salary of $72,000. In return, state and Wake County leaders promised up to $15 million in incentives.

But the Triangle Business Journal reported in its Feb. 24 edition that Credit Suisse anticipated a second round of hiring that could bring in as many of 400 additional employees.