Citigroup expands in North Carolina, plans to add over 500 new jobs
Over 10 years, the firm will be able to be reimbursed for as much as US$8.9 million, according to the release
[NEW YORK] Citigroup is adding 510 new jobs in Charlotte, further cementing the North Carolina city in the US as a financial centre for Wall Street banks.
The banking giant is investing US$16.1 million in a new office space in Mecklenburg County to expand its local headcount in areas such as personal banking, finance and marketing, according to a Tuesday (Jul 8) statement from North Carolina governor Josh Stein.
Although wages will vary based on position, the average salary for the new roles will be roughly US$132,000, the release said.
“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.”
Citi’s project is partially facilitated by a job-development grant approved by North Carolina’s economic investment committee. Over 10 years, the firm will be able to be reimbursed for as much as US$8.9 million, according to the release. Those funds are performance-based, requiring Citigroup to meet certain job creation and investment targets.
Charlotte is one of the largest banking hubs in the US and is home to the headquarters of Bank of America and Truist Financial. It is also a major employment base for Wells Fargo which became a bigger player in the city after its 2008 acquisition of Wachovia.
Additionally, AssetMark announced on Tuesday it plans to invest US$10 million to establish an East Coast hub in Charlotte’s central business district, bringing an additional 252 new jobs to the area. BLOOMBERG
Share with us your feedback on BT's products and services
