Citi wants to lure junior bankers to this Spanish beachside paradise


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.

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.

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.

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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