Citigroup’s London tower refit bill has surged to $1.5 billion, nearing the amount paid for the building in 2019. The budget increase was due to workforce expansion and additional upgrades. CEO Jane Fraser reaffirms commitment to Britain, where Citi employs 14,000. The project, started in 2022, will finish next year, featuring new gardens and amenities.

Citi’s investment in London office aligns with UK government commitments from U.S. companies. CEO Fraser’s hybrid working policy allows staff to work two days a week from home. Canary Wharf, hit hard by the pandemic, sees property overhauls by landlords like Canary Wharf Group and potential revamps by JPMorgan. Office property prices plummeted post-pandemic, forcing reevaluation of older buildings.

Read more at Yahoo Finance: Citi’s London office overhaul costs hit $1.5 billion