Citi wants to lure junior bankers to this Spanish beachside paradise

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Citigroup is establishing store within the idyllic city of Malaga, Spain in hopes of luring thirtysomething junior bankers who need heat climate a lot of the yr, a comparatively low value of dwelling — and the attractive Mediterranean shoreline.

The Wall Street financial institution is planning to open up a hub within the southern Spanish resort city in hopes of giving the corporate a leg up on attracting new hires as competitors for his or her providers grows ever extra fierce, according to Financial Times.

Citi can be providing potential staff 40-hour work weeks and weekends off — a far cry from the nerve-racking, burning-the-candles-at-both-ends setting that has led to an exodus of expertise from Wall Street’s prime funding corporations.

Malaga, the ancestral home of Pablo Picasso, offers warm weather year-round, relatively cheap cost of living, and proximity to the beach.
Malaga, the ancestral house of Pablo Picasso, presents heat climate year-round, comparatively low cost dwelling, and proximity to the seaside.
Westend61

The Malaga-based work power will earn a beginning wage of not less than $50,000 — about half the wage paid to junior bankers who begin their careers in world monetary hubs like London or New York.

“The message is clear: the key driver behind many junior departures is the search for a better work-life balance,” Citigroup’s world co-head of funding banking Manolo Falco advised FT.

“At Citi, we are listening and to address this [we are offering] an improved and batter-balanced lifestyle [which] will be a defining feature” of the Malaga location, Falco mentioned.

Though Malaga has traditionally relied on tourism, it has managed to become a tech hub as well.
Though Malaga has historically relied on tourism, it has managed to turn into a tech hub as nicely.
Deejpilot

Junior bankers who’re up to the job shall be given the chance to apply for a full-time position as an analyst.

The finance sector has seen a backlash in opposition to the Wall Street funding banks who’ve been accused of forcing junior staffers to shoulder the burden of intense, 15-hour-a-day workloads.

Last yr, junior staff at Goldman Sachs leaked a PowerPoint presentation which detailed grueling 105-hour workweeks that left them burnt out.

Citigroup hopes that its promise of a work-life balance will give it an advantage in attracting top European talent.
Citigroup hopes that its promise of a work-life steadiness will give it a bonus in attracting prime European expertise.
Bloomberg

An exodus of expertise from a number of main Wall Street corporations has led corporations to enhance phrases of employment, together with larger salaries, bonuses, and perks like free Peloton bikes, tablets, and wi-fi headphones.

Malaga, a resort city of some half 1,000,000 folks, is called a tourism hub, although lately it has managed to entice a slew of tech corporations.

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