Citigroup raises Canary Wharf tower renovation budget to $1.5 billion, creating new space and reaffirming long-term presence in Britain.
Citigroup invests $1.5 billion in London tower
Citigroup has confirmed that the renovation of its 42-story Canary Wharf office will cost $1.5 billion. The amount is almost equal to the cost of purchasing the building in 2019 – 1.2 billion pounds.
The bank has increased the budget after deciding to use more space for a growing team.
Bet on Britain
Citigroup emphasizes that this is a long-term move: it employs 14,000 people in the country, 10,000 of them in London. CEO Jane Fraser’s visit will coincide with a state visit by Donald Trump, where business meetings with British ministers are planned.
What will change
The plans include:
- creating multi-level “villages” for teams;
- creating green spaces and gardens;
- upgrading energy and water infrastructure.
The first employees will move into the renovated premises in the second quarter of 2026.
Competitors are not far behind
HSBC is leaving its own tower, which is being renovated by Canary Wharf Group. Meanwhile, JPMorgan is considering whether to modernize its office in the area or move to central London.
