Citigroup’s bill for refurbishing its London headquarters has climbed to $1.5 billion (£1.1 billion), nearly matching the $1.63 billion the US bank paid to acquire the Canary Wharf tower in 2019.

The project, which began in 2022 and is scheduled for completion next year, reflects both a larger workforce and a decision to renovate more space than originally planned, according to Citi executives. The overhaul includes new gardens, upgraded water and energy systems, and redesigned “village” spaces intended to link teams across multiple floors

Citi employs 14,000 people in Britain, including 10,000 in London, and said the investment underscores its long-term commitment to the country. Edward Skyler, Citi’s head of enterprise services and public affairs, confirmed that chief executive officer Jane Fraser will visit the UK this week to coincide with President Donald Trump’s state visit, joining other US business leaders for meetings with Trump and British ministers.

A Citi spokesperson noted that the £1.1 billion investment in its London office matches the figure referenced by the UK government in its recent statement announcing commitments from US companies in Britain.

The renovation comes as the Canary Wharf district faces weaker demand for office space in the post-pandemic era, with rival banks such as J.P. Morgan and HSBC reconsidering their own London office strategies. Under chief executive officer Fraser, Citi has maintained a hybrid working policy, allowing staff to work up to two days a week from home, bucking the wider Wall Street trend. The overhaul aims to modernise the 25 Canada Square tower, making it more attractive to employees and better suited to new ways of working.

The Financial Times previously reported that the project’s costs had exceeded £1 billion, and Citi declined to specify how much of the budget has been spent so far. The bank’s investment in its London office is part of a broader strategy to reinforce its presence in the UK, where it serves many of the country’s largest companies and continues to expand its operations.

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