Dive Brief:
- Citi will open an office in Charlotte, North Carolina, creating 510 jobs in the southeastern city, the bank said Tuesday.
- The New York City-based bank will spend $16.1 million on the project, expanding its headcount in personal banking, finance and marketing, according to a news release from North Carolina Gov. Josh Stein, a Democrat.
- “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,” Edward Skyler, Citi’s head of enterprise services and public affairs, said in the release. “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.”
Dive Insight:
Charlotte, a major financial center, is home to Bank of America and Truist headquarters. San Francisco-based Wells Fargo also has about 27,000 employees in the city, and other lenders such as U.S. Bank and Ally have a sizable workforce.
A Tuesday memo from Skyler to the bank’s existing Charlotte employees said Citi is “expanding our presence in the state by establishing dedicated office space in Charlotte. Charlotte's vibrant business community and talented workforce make it an ideal location.”
The bank has 275 workers in the city operating from a co-working facility, he noted. The new office is slated to open by early 2026, Skyler said.
Average salary for the new Citi jobs in Charlotte will be $131,832, although wages will vary by position, the release said.
To help facilitate the project, North Carolina has awarded the bank a job development investment grant worth up to $8.9 million over 10 years, provided Citi meets job creation and investment goals.
“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,” Skyler said in the release.
Citi, which does business in about 180 countries and jurisdictions, had 229,000 full-time employees as of December 2024, according to the bank’s latest annual filing.
