Financial services groups to create more than 700 jobs in Charlotte
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Two financial services organizations, Citigroup and AssetMark, will expand to Charlotte, creating more than 700 total jobs in exchange for millions in incentives, North Carolina Gov. Josh Stein announced Tuesday.
Why it matters: State leaders, including Stein and North Carolina Sen. Woodson Bradley, who represents part of Mecklenburg County, are touting this as a win that reaffirms Charlotte as one of the nation's major financial hubs.
- The Charlotte region includes 104,000 people who work in financial services. North Carolina's financial services industry has grown 30% since 2018, according to North Carolina Commerce Secretary Lee Lilley.
By the numbers: Citigroup will add more than 500 jobs in Charlotte and invest $16.1 million in a major office facility here. The average salary for Citigroup's new roles will be $131,832.
- AssetMark, which will invest $10 million in Mecklenburg County, will create 252 jobs here. The average salary for these new roles will be $110,518.
- Mecklenburg County's average salary is $86,830.
Zoom in: Citigroup's new office facility in Charlotte will include personal banking, finance and marketing roles. The site will be selected later this year.
- "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 a statement.
- For AssetMark, this will be its East Coast hub.
Zoom out: Daimler Truck Financial Services USA (DTFS), Daimler Truck North America's financial lending arm, announced plans to relocate its headquarters to Charlotte in May.
Between the lines: The state is offering approximately $8.9 million in incentives and grants over 10 years if Citigroup meets its job-creation and investment targets. The deal also includes allocating $2.98 million into the state's Industrial Development Fund – Utility Account, which supports infrastructure improvements to attract future business in North Carolina's rural areas.
- As for AssetMark, the company may receive $1.9 million in state incentives over 12 years, provided job-creation goals are met. $647,250 will be moved into the state's Industrial Development Fund – Utility Account.
- Incentives from Mecklenburg County will be determined at an upcoming public meeting, per a county spokesperson.
Editor's note: This story was updated to include details about incentives from Mecklenburg County.