Citibank’s Canadian unit has purchased the Mississauga, Ont., building housing its global operations hub and has bought an additional parcel of land, as the major U.S. bank expands in Canada.
Citibank Canada has been growing as more Canadian companies expand globally and multinational corporations look to do more business in the country. The bank plans to hire hundreds of people to new roles in the Mississauga office over the next few years.
The operations hub employs more than 3,000 people in technology, risk management, internal audit and human resources who help manage the banking giant’s global products and services platforms and operations, including trading and payments.
The site’s staff has nearly doubled in the past four years, with more than 600 jobs added in 2025.
Citibank Canada chief executive officer Raymond Gatcliffe said in an interview that the lender is expanding the site to tap into the region’s talent “powerhouse.”
The lender’s investment is “a demonstration that the talent pool and the education that Canada has to offer is globally competitive,” Mr. Gatcliffe said, adding that the country has a once-in-a-generation opportunity to redraw trade routes and attract foreign investment.
“Trade agreements are being activated, there are important agreements being made, and important transactions happening by way of interest in capital coming into Canada.”
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Mr. Gatcliffe, who joined the Canadian business in April, 2025, after 30 years with the lender, said Canada is one of Citibank’s top 10 franchises out of the more than 180 countries where the lender operates.
Citibank Canada is a subsidiary of New York-based Citigroup Inc., the third-largest lender in the U.S. It provides commercial, corporate, wealth, credit card and investment banking services for Canadian customers, and for large corporations with subsidiaries in the country.
The additional plot of land – which at more than seven acres is about half the size of the bank’s initial parcel – has not been designated for a specific use, but it gives Citi the option to add capacity as the team and needs of the business evolve, Mr. Gatcliffe said.
As banks increasingly rely on artificial intelligence to cut costs and boost revenue, concerns have mounted over potential job losses, in particular in back-office roles. Mr. Gatcliffe said he expects AI to help Citibank’s staff work more efficiently without causing the unit to scale back on jobs.
“AI is going to be an enabler for the teams at this site, as opposed to a mechanism for attrition,” he said.
Citibank first leased the Mississauga office in 2007. The bank is also renovating its Toronto location and is relocating its Calgary and Vancouver sites to update its offices and resources for employees.