Citigroup is set to expand its operations in Charlotte, North Carolina, with a $16.1m investment in a office facility in Mecklenburg County.

The move is set to create 510 new jobs.

This development was disclosed by Governor Josh Stein in a press statement on 8 July.

Stein said: “Citi’s decision makes clear once again that Charlotte is one of the nation’s top financial centres. North Carolina offers a specialised and highly skilled workforce along with a friendly business climate.

The positions to be added will span various functions including personal banking, finance, and marketing.

The average salary for these roles is reported to be $131,832, which is above the current average wage of $86,830 in Mecklenburg County.

Citigroup’s expansion is partially underpinned by a Job Development Investment Grant (JDIG) issued to Citigroup Technology, which was approved by the state’s Economic Investment Committee.

Citi enterprise services & public affairs head Edward Skyler stated: “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.

“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 JDIG agreement outlines a potential reimbursement to Citigroup of up to $8,938,500 over the span of ten years, based on the new tax revenues and capital investment associated with the new jobs.

Meanwhile, last month, Citigroup announced plans to reduce its workforce by about 3,500 at two of its technology centres in China.