The move is part of increasing corporate resistance to a controversial anti-gay law in the state.
Last month, North Carolina’s Republican Governor, Pat McCrory, signed a law to invalidate existing protections of the rights of its lesbian, gay, bisexual and transgender citizens.
Bank of America, Apple and several other companies have all protested against statewide legislation that invalidated existing protections and prevents municipalities from adopting such protections in the future.
Deutsche Bank co-CEO John Cryan said: "We take our commitment to building inclusive work environments seriously.
"We’re proud of our operations and employees in Cary and regret that as a result of this legislation we are unwilling to include North Carolina in our US expansion plans for now. We very much hope that we can re-visit our plans to grow this location in the near future."
At present, the bank about 900 people at its software application development center in Cary. The bank said it was committed to sustaining that existing presence.
Last September, Deutsche Bank confirmed plans to add 250 jobs in Cary through 2017. The company plans to invest $9m through the end of this year.
