Citi's London office overhaul costs hit $1.5 billion

"Wall Street bank Citigroup's bill for refitting its tower in London has risen to $1.5 billion (1.1 billion pounds), the company told Reuters, highlighting the challenges of modernising workplaces to attract employees back to offices. The cost, confirmed by Citi for the first time, is approaching the 1.2 billion pounds ($1.63 billion) the U.S. bank paid to acquire the building in 2019."

"Citi declined to specify how much of the budget has been spent so far on the project, which began in 2022 and is expected to finish next year. The overhaul of the tower at 25 Canada Square includes adding new gardens and amenities, linking teams across multi-level "villages", and upgrading energy and water systems. The Financial Times reported in January that the project's costs had exceeded 1 billion pounds."

Citigroup's refit bill for its London tower has risen to $1.5 billion (£1.1 billion). The cost approaches the £1.2 billion ($1.63 billion) purchase price paid in 2019. The budget increase followed workforce expansion and decisions to upgrade additional space. The investment is presented as a commitment to Britain, where the firm employs 14,000 people, including 10,000 in London. The project began in 2022 and is expected to finish next year. Planned changes include new gardens and amenities, multi-level "villages" to link teams, and upgrades to energy and water systems. Citi maintains a hybrid working policy allowing up to two days from home.

Read at Yahoo Finance