(Bloomberg) – Of the signs of how fast investment banking has happened in the past three years, the most obvious one is Costa del Sol.
Citigroup Inc. is the most lucrative year ever on Wall Street, looking to address the hottest issue of early 2022: sticking to junior bankers. The seaside outpost in Malaga, Spain is a new way to provide allowances to attract talented young employees.
Nowadays, when it comes to tax rates, mergers and initial public offerings are horrible, extending years of drought. Junior bankers care more about work safety than work-life balance. Citigroup is closing its Malaga office.
“Our main Spanish location is Madrid, and we employ more than 220 people not affected by this action,” the bank said in a statement requested by Bloomberg News. “Citi continues our strategic growth in Spain and has a strong presence in our core business lines, including investment banking, wealth and markets.”
When Citigroup first announced its plans for Malaga, it expected to hire about 30 analysts in southern Spanish cities. Some of them may now be relocated to Paris or London, while about six will leave the bank, the bank said in a statement.
The decision was first reported by the Spanish newspaper expansion and was driven by a broader effort by banks to simplify their operations. As part of this, CEO Jane Fraser restructured the bank, hired leaders outside the company and laid off thousands of positions.
Three years ago, the opening of the Malaga office was a booming moment in the deal, with analysts and colleagues working late at night and weekends to keep talent aligned.
Action on the Mediterranean is one of Wall Street’s more compelling attempts, promoting a better work-life balance after a pandemic of breeding burnout among employees around the world.
– Assisted with Todd Gillespie.
(The AI summary of this story was removed because this is inaccurate for the reason for the closure.)
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