Citigroup is opening a store in the idyllic city of Malaga, Spain, hoping to attract young bankers in their 30s who want warm weather most of the year, relatively low cost of living and beautiful Mediterranean coastline.
The Wall Street bank plans to open a hub in the southern Spanish resort town in hopes of giving the company a head start in recruiting new staff as competition for its services intensifies. according to the Financial Times.
Citi also offers potential hires 40-hour workweeks and weekends off — a far cry from the stressful, double-burning environment that has led to an exodus of talent from Wall Street’s top investment firms.
Málaga-based workers earn a starting salary of at least US$50,000 – about half the salary paid to young bankers starting their careers in global financial centers like London or New York.
“The message is clear: the key reason behind many young talent attrition is the search for a better work-life balance,” Manolo Falco, Citigroup’s global co-head of investment banking, told FT.
“At Citi, we listen and respond [we are offering] an improved and balanced lifestyle [which] will be a defining feature of the Málaga site, said Falco.
Young bankers who are up to the task are given the opportunity to apply for a full-time position as an analyst.
The financial sector has faced a backlash against Wall Street investment banks, which have been accused of forcing junior staff to shoulder the burden of intense 15-hour workdays.
Last year, junior executives at Goldman Sachs leaked a PowerPoint presentation describing the grueling 105-hour workweeks that left them burned out.
An exodus of talent from several major Wall Street firms has prompted companies to improve terms of employment, including higher salaries, bonuses and perks like free Peloton bikes, tablets and wireless headphones.
A resort town of around half a million people, Malaga is known as a tourist hub, although it has managed to attract a number of tech companies in recent years.
https://nypost.com/2022/03/14/citi-wants-to-lure-junior-bankers-to-a-spanish-beachside-paradise/ Citi wants to lure young bankers to a Spanish beach paradise