SMBC Selects Charlotte for Major U.S. Expansion, Bringing 2,000 Jobs

Sumitomo Mitsui Banking Corp. chose Charlotte as the site of its second U.S. headquarters on Monday, committing $50.5 million to Mecklenburg County and 2,000 jobs that will pay an average of $165,316 a year, nearly double the county's current average wage of $90,706.

Governor Josh Stein announced the deal, confirming that SMBC Group, one of Japan's largest financial institutions, will establish its second U.S. headquarters in Charlotte. The company will invest $50.5 million in Mecklenburg County. State records show Charlotte edged out Jacksonville as the other finalist for the project, which officials internally codenamed "Project New Horizon."

The new jobs will pay an average wage of $165,316 a year, compared to the current average wage in Mecklenburg County of $90,706, and statewide average of $70,672. The jobs will be a mix of executive, middle management, associate and analyst roles. SMBC could bring up to 2,000 jobs to Charlotte over five years, between 2028 and 2032.

Hirofumi Otsuka, CEO for SMBC Americas, framed the selection as a long-term commitment to the region. "As SMBC continues to grow substantially in the United States, Charlotte is a standout location for us to invest in North Carolina for the long term in a major expansion that will establish our roots in the community," Otsuka said. "A major financial services hub, Charlotte has a deep pool of talent that we will tap into and help build out as we position our bank for long-term success while contributing to the broader local economy."

A vote on state incentives totaling $70 million in a Jobs Development Investment Grant was approved at the N.C. Department of Commerce's Economic Investment Committee meeting. Local incentives of $1.3 million from the city of Charlotte and Mecklenburg County are also expected, to be voted on at a later time.

Because SMBC chose a location in Mecklenburg County, classified by the state as a Tier 3 county, the company's JDIG agreement also requires moving $23,344,000 into the state's Industrial Development Fund Utility Account, which helps rural communities finance infrastructure upgrades to attract future business.

SMBC's announcement is by far the largest in Charlotte's recent wave of corporate expansions. In the past few months, companies that chose Charlotte include Capital Group with 600 jobs, Siemens Energy with 500, Maersk with 520, and Scout Motors with 1,200.

SMBC Group is a top-tier global financial group, headquartered in Tokyo with a 400-year history, offering a diverse range of financial services including banking, leasing, securities, credit cards, and consumer finance. The group operates more than 130 offices across nearly 40 countries with roughly 80,000 employees worldwide. Its existing U.S. headquarters is in New York.