US bank will spend almost as much to renovate Citi Tower skyscraper as it paid for site initially

The US bank Citigroup is to spend £1bn to renovate its skyscraper in Canary Wharf, London, the latest firm to signal its commitment to office working.

The Wall Street lender will end up spending nearly as much on renovating the 130,000 sq metre (1.4m sq ft) building as it did on buying the site. While many City firms tend to lease their office space, the bank bought what is now Citi Tower for £1.2bn in 2019.