Hartford's pain is Tampa's gain with the news that banking giant Citigroup is relocating 150 jobs from Connecticut to the bay area, the bulk of them in human resources.
Citi says it's all about clustering its expertise in one place.
"While this was a difficult decision, the new model will enable our HR Shared Services Regional Operations organization to leverage the benefits of being co-located with key clients and partners," Citi spokesman Kamran Mumtaz told the Hartford Courant late last week.
The news reflects the larger trend of financial services jobs leaving the expensive Northeast and finding better economics in Sun Belt cities. Tampa has long been a major service support hub for New York-based Citi, one of the world's largest banking companies with more than 230,000 employees. Once dubbed Wall Street South, Tampa is home to substantial back-office operations of such major financial companies as JPMorgan Chase, Capital One, USAA and Depository Trust & Clearing Corp.
Citi's HR center in Tampa handles accounting, travel expenses management, procurement, accounts payable, payroll and payroll analysis and similar duties. Citi began the Tampa center in 1998, and as of 2014 had about 700 workers locally in the division.
Citi already announced plans to grow its employment in Tampa by 1,163 jobs by 2018 in exchange for $14.9 million in incentives from the state and Hillsborough County. Those positions are expected to pay an average of $75,000.
Citi has about 5,500 employees in Hillsborough County and is looking for a possible corporate campus of up to 1 million square feet. The possibilities include creating a larger campus at a new location or keeping Citigroup's existing operation at Sabal Park near Interstate 75 and finding additional space elsewhere.