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Area Development - Site Selection, Facility Planning and Workforce Development

Citigroup Plans Charlotte, North Carolina, Operations

07/09/2025
Global financial services company Citigroup, Inc. plans to establish operations in Charlotte, North Carolina. The $16.1 million project is expected to create 510 jobs in Mecklenburg County.

The new location will allow the company to expand its local headcount in areas like personal banking, finance, and marketing.

“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.”

The project will be supported, in part, by a Job Development Investment Grant (JDIG) awarded to Citigroup Technology, Inc. and approved by the state’s Economic Investment Committee. 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.

“There’s a reason North Carolina’s financial services industry has grown an impressive 30 percent since 2018,” noted 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.”

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.

Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina (EDPNC) on the 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.

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