Governor Stein Announces 510 New Jobs as Citigroup Selects Charlotte for Expansion

Today, Governor Josh Stein announced that Citigroup, Inc. will create 510 additional jobs in Charlotte. The global financial services company will invest $16.1 million for this major office facility in Mecklenburg County. The company’s physical presence in Charlotte will enable it to expand its local headcount in areas like personal banking, finance, and marketing.

"Citi’s decision makes clear once again that Charlotte is one of the nation’s top financial centers,” said Governor Josh Stein. “North Carolina offers a specialized and highly skilled workforce along with a friendly business climate. Our state will continue to invest in the education and workforce programs that keep North Carolina one of the best places to do business.”  

“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,” said Edward Skyler, Citi’s Head of Enterprise Services & Public Affairs. “This will create a better working environment for our existing colleagues as well as allow us to further tap into the deep pool of talent in this market. We appreciate the work Governor Stein and other public officials have done to make this area so attractive to businesses, and we look forward to playing a larger role in Charlotte’s growth over the coming years.”  

Citi is one of the world’s leading banking institutions, partnering with organizations with cross-border needs, serving as a global leader in wealth management, and becoming known as a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions, and individuals with a broad range of financial products and services.  

“There’s a reason North Carolina’s financial services industry has grown an impressive 30 percent since 2018,” said Commerce Secretary Lee Lilley. “Our concentration of finance-focused workers and IT professionals has created an environment that attracts companies seeking the specialized skills we can offer. Today’s decision by Citi continues to build North Carolina’s momentum with this important industry.”  

Although wages will vary depending on the position, the average salary for the new positions will be $131,832, compared with an average wage of $86,830 in Mecklenburg County. The new positions will bring to the community an annual payroll impact of more than $65 million per year.

The company’s project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) awarded to Citigroup Technology, Inc. and approved by the state’s Economic Investment Committee earlier today. Over the course of the 10-year term of this grant, the project is estimated to grow the state’s economy by more than $2.7 billion. Using a formula that takes into account the new tax revenues generated by the new jobs and the capital investment, the JDIG agreement authorizes the potential reimbursement to the company of up to $8,938,500, spread over 10 years. State payments occur only after performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.

The project's projected return on investment of public dollars is 255 percent, meaning for every dollar of potential cost, the state receives $3.55 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.  

Because Citi chose a location in Mecklenburg County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving $2,979,500 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 3 county such as Mecklenburg, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state.

“Citi’s expansion is a major win for Mecklenburg County and a vote of confidence in Charlotte’s place as a global financial hub,” said Senator Woodson Bradley. “We’re proud to welcome this growth in our community and will do everything we can to help them be successful in our region.”  

Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina on this project were the North Carolina General Assembly, the North Carolina Community College System, the Commerce Department’s Division of Workforce Solutions, Mecklenburg County, and the City of Charlotte.