Governor Josh Stein announced that Citigroup, Inc. will be expanding its operations in Charlotte, creating 510 new jobs and investing $16.1 million in a new office facility in Mecklenburg County. The expansion will focus on areas such as personal banking, finance, and marketing.
“Citi’s decision makes clear once again that Charlotte is one of the nation’s top financial centers,” stated Governor Stein. He emphasized North Carolina’s skilled workforce and favorable business climate as key factors for the expansion.
Edward Skyler, Citi’s Head of Enterprise Services & Public Affairs, remarked on the strategic choice to invest in Charlotte: “As we reviewed our real estate footprint in the United States, Charlotte stood out as a location where we had a unique opportunity to invest by establishing a formal presence.”
Citi operates globally across more than 180 countries and is recognized for its wealth management services and personal banking solutions within the U.S. Commerce Secretary Lee Lilley highlighted North Carolina’s growth in financial services: “There’s a reason North Carolina’s financial services industry has grown an impressive 30 percent since 2018.”
The average salary for these new positions will be $131,832 annually, significantly higher than Mecklenburg County’s average wage of $86,830. The project is supported by a Job Development Investment Grant (JDIG), which could reimburse up to $8,938,500 over ten years if job creation targets are met.
The JDIG agreement also includes provisions to aid rural communities through infrastructure upgrades funded by moving $2,979,500 into the state’s Industrial Development Fund – Utility Account.
Senator Woodson Bradley welcomed Citi’s decision: “Citi’s expansion is a major win for Mecklenburg County and a vote of confidence in Charlotte’s place as a global financial hub.” N.C. Representative Laura Budd praised local efforts: “I applaud the many local, regional, and state economic development organizations that worked hard to bring Citi’s new tech hub to our community.”
Several partners contributed to this initiative including the North Carolina Department of Commerce and Economic Development Partnership of North Carolina.
