Two companies, a major New York City-based bank and a smaller California wealth management firm, have promised to create more than 750 jobs combined in Charlotte.
Citigroup Technology, a division of the investment bank and financial services firm Citigroup, committed to invest $16.1 million and hire 510 more workers by 2027, state officials said during Tuesday’s N.C. Economic Investment Committee meeting. The state awarded Citigroup a job development investment grant worth up to $8.9 million if the company reaches its hiring and investment goals, which include retaining roughly 385 current North Carolina employees.
A news release from the governor’s office said the millions in investment would allow the company to establish a “major office facility” and made clear that “Charlotte is one of the nation’s top financial centers.”
“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 news release from Gov. Josh Stein’s office Tuesday.
The project will create a “better working environment for our existing colleagues” and tap into the pool of talent in the Charlotte region, Skyler said.
Citigroup anticipates hiring staff for support services, risk management, client credit, personal banking and financial risk. The average annual salary will be at least $131,000, the state said, which is above Mecklenburg County’s average wage of $86,830.
The state also approved $2 million for job training for Citigroup’s project. The city of Charlotte and Mecklenburg County will provide about $375,000 in local tax incentives, the state said Tuesday.
Citigroup Technology seeks to “expand its technology development and directed operations to satisfy the demands of the company’s growth,” Mark Poole, director of finance commerce at the NC Department of Commerce, said during the meeting.
Citigroup is the third-largest banking institution in the U.S. by assets, behind JPMorgan Chase and Bank of America.
AssetMark, a financial advisor company based in California, also pledged to invest $10 million by the end of 2027 while creating 252 jobs over the next five yeas in Charlotte, the state said Tuesday.
These potential jobs will pay an average of at least $110,518.
Charlotte will be the company’s East Coast hub, supporting nearly 4,300 advisors in the region, according to the news release from Stein’s office.
The firm’s presence in Charlotte will help AssetMark better serve “a significant portion” of its clients, Lou Maiuri, chairman and group CEO for AssetMark said in the statement. It also means AssetMark can tap into “the exceptional talent pool available in Charlotte,” he said.
For its investment, AssetMark will receive over $1.9 million in state tax incentives, plus $900,000 for job training through community college system and Division of Workforce Solutions.
The city of Charlotte and Mecklenburg County offered a combined $470,000 in local tax incentives, the NC Department of Commerce said.
Charlotte edged out Atlanta and Phoenix, Arizona, for the AssetMark project, state officials said.
AssetMark, founded in 1996, has over 1,000 employees serving over 10,700 financial advisors and over 317,000 investor households, according to the firm’s website. It entered 2025 with more than $139 billion in platform assets.