Citigroup has revealed that the cost of revamping its landmark London tower has surged to $1.5 billion (around £1.1 billion), nearly matching the price it originally paid to acquire the skyscraper in 2019. The 42-storey building, located at 25 Canada Square in Canary Wharf, is undergoing one of the most expensive office overhauls in the city’s financial hub.
Confirming the figure for the first time, Citi said the bill grew after the bank decided to expand its footprint inside the tower to accommodate a larger workforce. A Citi executive, while not disclosing the initial budget, emphasized that the project highlights the bank’s long-term commitment to the UK. The institution employs about 14,000 people in the country, including 10,000 in London.
The renovation will introduce upgraded energy and water systems, indoor gardens, collaborative “villages” across multiple levels, and new staff amenities—all designed to modernize the workplace and draw employees back into the office. The Financial Times had earlier reported costs surpassing £1 billion.
Citi’s CEO, Jane Fraser, is expected to visit Britain this week, coinciding with U.S. President Donald Trump’s state visit, to join fellow American business leaders in meetings with British officials.
Unlike other Wall Street firms cutting back on office use, Citi continues to champion hybrid working, allowing staff to work from home up to two days a week. This blend of flexibility and a reimagined office environment underlines Fraser’s strategy to balance modern workplace demands with corporate presence in key global markets.
Citi Invests $1.5 Billion in London Tower Overhaul to Boost Workplace Appeal
