Citigroup to Add 510 Jobs in Charlotte: Will It Drive Growth?

Citigroup Inc. C is expanding its presence in Charlotte, NC, with plans to add 510 new jobs. This was first reported by Bloomberg News.

The bank will invest $16.1 million to establish a formal office in Mecklenburg County. This will help to expand its workforce across personal banking, finance, and marketing departments. Although compensation will vary depending on the role, the average salary for these new jobs is expected to be around $132,000, per a Bloomberg report.

The Charlotte region has long been regarded as a key operational base for Wall Street firms, due to its growing finance workforce and attractive business environment. Additionally, although digital banking continues to accelerate, major banks like Citigroup view physical branch networks and regional offices as essential to deepening client relationships.

Edward Skyler, head of enterprise services and public affairs of Citigroup, noted that “Charlotte stood out as a location where we had a unique opportunity to invest by establishing a formal presence.” Skyler further added, “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.”

How Charlotte’s Expansion Will Benefit C

Citigroup’s expansion in Charlotte is set to bring significant strategic advantages to the company. By utilizing the C’s strong financial talent pool, lower operating costs, and its rising reputation as a fintech hub, the company can enhance its operational efficiency, expand its regional influence, and support long-term growth. This strategic move not only enhances Citigroup’s competitiveness in the U.S. banking sector but also supports its broader commitment to innovation, operational resilience, and inclusive economic growth.

C’s Peers Are Also Expanding

Not only Citigroup, but also other finance firms like Synovus Financial SNV and Huntington Bancshares Inc. HBAN are actively scaling their operations.

In June 2025, Synovus Financial announced plans to reinforce its presence in South Carolina by expanding its commercial and middle-market banking operations. The company is prioritizing relationship-driven banking, bringing in seasoned professionals to deepen client engagement and deliver personalized services. As part of this initiative, Synovus Financial plans to increase hiring efforts by 20%-30% from 2025 to 2027 across its middle-market, commercial, and wealth services divisions, aiming to accelerate loan, core deposit, and fee growth.

Huntington Bancshares also revealed plans in September 2024 to expand its banking franchise throughout North and South Carolina. The bank plans to hire over 350 employees and open approximately 55 new branches within the next five years. The first branches of Huntington Bancshares will be located in Charlotte, Raleigh, and Winston-Salem in North Carolina, as well as in Charleston, Columbia, and Greenville in South Carolina. 

C’s Price Performance, Valuations & Estimates

Over the past year, shares of C have risen 28.1% compared with the industry's growth of 34.1%.

Price Performance

From a valuation standpoint, Citigroup trades at a forward price-to-earnings (P/E) ratio of 10.23X, below the industry’s average of 14.58X.

Price-to-Earnings F12M

The Zacks Consensus Estimate for C’s 2025 and 2026 earnings implies year-over-year growth of 9.6% and 13.1%, respectively. Over the past month, the Zacks Consensus Estimate for 2025 earnings has been revised downward; however, the estimate for 2026 has been revised upward.

Estimates Revision Trend

Citigroup currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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