Cost of Citi HQ refit hits $1.5bn

Wall Street bank Citigroup's bill for refitting its tower in London has risen to $1.5 billion (£1.1 billion), the company told Reuters, highlighting the challenges of modernising workplaces to attract employees back to offices.

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The cost, confirmed by Citi for the first time, is approaching the £1.2 billion ($1.63 billion) the US bank paid to acquire the building in 2019.

The budget was increased after Citi expanded its workforce and decided to upgrade additional space, a company executive told Reuters, without disclosing the original budget.

Citi said the investment demonstrates the company’s commitment to Britain, where it employs 14,000 people, including 10,000 in London.