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Tuesday, April 5, 2016

Now it's real: HB2 will cost $100m in lost payroll over McCrory's second term- from one lost deal.

The Observer, March 18, 2016:

PayPal bringing 400 jobs with new Charlotte operations center

mccrory paypal.jpg

Charlotte will be the site of a new operations center for payment-processing firm PayPal, the company and government officials said Friday.

The company plans to hire 400 new employees to staff the center, which will be at 1000 Louis Rose Place, off Research Drive in the University City area. The company expects to reach that jobs target by 2020.

In addition [to state incentives], PayPal plans $3.6 million in investments at the planned site by Dec. 31, 2017, according to details discussed by the EIC at its brief meeting. PayPal will expand its customer service, risk operations, merchant services, and engineering and technology functions. The average salary of the new jobs will be $50,929 a year.

The Silicon Valley company also considered expanding in Arizona and Florida before picking North Carolina. PayPal announced in November that Charlotte was in the running for an East Coast operations center. The company said at the time it was considering several cities.

The move comes at a time when officials in Charlotte have been seeking to expand the region’s existing financial-technology industry. Charlotte – known as a home to big banks – remains a smaller player in the financial-tech space compared with New York and Silicon Valley, big hubs for startups that have created competition for traditional banks.

“We want to make sure we’re looking towards the future,” said Mayor Jennifer Roberts, who praised PayPal for bringing “21st-century jobs.”

Gov. Pat McCrory said PayPal is the kind of technologically advanced company Charlotte and North Carolina need to attract to stay current.

“Young people know all about it,” he said of the online payments platform. “Charlotte continues to be a great job-creation center.”

Press release, April 5, 2016:

PayPal Withdraws Plan for Charlotte Expansion

Two weeks ago, PayPal announced plans to open a new global operations center in Charlotte and employ over 400 people in skilled jobs.  In the short time since then, legislation has been abruptly enacted by the State of North Carolina that invalidates protections of the rights of lesbian, gay, bisexual, and transgender citizens and denies these members of our community equal rights under the law.

The new law perpetuates discrimination and it violates the values and principles that are at the core of PayPal’s mission and culture.  As a result, PayPal will not move forward with our planned expansion into Charlotte.

This decision reflects PayPal’s deepest values and our strong belief that every person has the right to be treated equally, and with dignity and respect. These principles of fairness, inclusion and equality are at the heart of everything we seek to achieve and stand for as a company. And they compel us to take action to oppose discrimination.

Our decision is a clear and unambiguous one. But we do regret that we will not have the opportunity to be a part of the Charlotte community and to count as colleagues the skilled and talented people of the region. As a company that is committed to the principle that everyone deserves to live without fear of discrimination simply for being who they are, becoming an employer in North Carolina, where members of our teams will not have equal rights under the law, is simply untenable.  

While we will seek an alternative location for our operations center, we remain committed to working with the LGBT community in North Carolina to overturn this discriminatory legislation, alongside all those who are committed to equality.

We will stand firm in our commitment to equality and inclusion and our conviction that we can make a difference by living and acting on our values.  It’s the right thing to do for our employees, our customers, and our communities.  

Dan Schulman, President and CEO, PayPal

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