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Citi's bill for London tower revamp hits $1.5 billion
Citi is investing $1.5 billion to modernize its London tower, supporting 14,000 UK employees and enhancing workplace amenities to attract staff back to offices.
- Jane Fraser, CEO of Citi, is scheduled to travel to the UK this week to align with the state visit of US President Donald Trump and to participate in meetings with both Trump and British government officials.
- This visit follows Citi’s ongoing project to overhaul its tower at 25 Canada Square begun in 2022 amid challenges from the COVID-19 pandemic and shifts in office use.
- The project includes adding gardens, amenities, multi-level team villages, and upgrading energy and water systems, reflecting Citi’s expanded workforce and workspace needs.
- Citigroup’s expenses for renovating its London tower have increased to £1.1 billion , nearing the £1.2 billion the bank originally spent to purchase the building in 2019, underscoring the substantial costs involved in updating office spaces.
- Citi’s investment signals its commitment to Britain despite market pressures that have forced rivals like JPMorgan to reconsider their Canary Wharf offices and wider London property markets remain uncertain.
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Citi's bill for London tower revamp hits $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has risen to $1.5 billion (1.1 billion pounds), the company told Reuters, highlighting the high costs of overhauling outdated workplaces as businesses seek to attract staff back into the office.
·United Kingdom
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Coverage Details
Total News Sources7
Leaning Left1Leaning Right1Center4Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 17%
C 67%
R 17%
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