Investment bankers have ‘work-from-beach’ dreams crushed after Citi shutters its Málaga office

• City initially rented 27 young bankers To work in her beach office on Costa del Sol in Spain in 2022, providing a lower schedule but a softening schedule than 80 to 100 hours common in this industry. However, closing the program indicates how the leverage has turned from the talent of beginners to employers.

Young investment bankers have long faced a comparison: the work is to punish hours for big money. Amid the post -nursery battle for talents, Citigroup tried a different thing, as some novice analysts have provided a softer and participating schedule in the famous Costa del Sol in Spain.

However, CITI announced on Wednesday that it had been closed on the beach in the Andalusian city of Málaga as part of a continuous batch “to simplify the company” and improve operations. It can also indicate how the economic opposite winds can stimulate a wider batch for efficiency throughout the industry, forcing young bankers to focus on job security rather than maintaining the aspects of balance between work and life.

Benjamin Granger, chief psychologist at the workplace in Qualtrics on the Internet, said, said Benjamin Granger, the chief psychologist at the workplace in Qualtrics on the Internet, said, ” luck. During the epidemic, it was often said, “The war ended for talents, and talent won.” Employers seem to have gained a lot of this leverage, though, a trend that may continue if the economy is weak and costs decline in borrowing.

“It is more than a continuous cord tightening,” said Granger.

Hoping to fight exhaustion and attrition for employees, Citi initially rented 27 analysts from more than 3,000 applicants in 2022 for the Málaga program, according to what he said Financial times. At that time, their salaries were about half of the start of $ 100,000 by their peers in major centers such as New York, London or Frankfurt. Instead of 80 to 100 hours common in industry, promise them on evening and weekends free of work.

City said that six employees of the Málaga office will leave the company, although more than 220 people are working on its primary Spanish website in Madrid will not be affected.

The company said in a statement submitted to luck.

A battle against fatigue

Manolo Falco, president of City International for Investment Banking Services, did not insist that the program in Málaga was not a way to circumvent.

And he said to Financial times In 2022.

But efficiency in focusing also, especially since uncertainty in customs tariff threatens to recover in integration, purchases and subscription subscriptions in the early days of the Trump administration. Global investment services revenues have decreased by 6 % so far to $ 26.2 billion, according to the initial data from Dealogic, compared to $ 27.9 billion in the same period last year. The data showed the fees raised by CITI, however, jumping from $ 1.25 billion to $ 1.36 billion.

Unlike competitors who have pushed strict delegations to return to the office, Citi allows most employees to work on a hybrid table with at least three days a week in the office. According to CEO Jane Fraser, the company’s tolerance with a remote work can be a competitive and employment advantage.

However, concerns about the working conditions in the industry have been emphasized due to the last tragedies. Last year, the Leo Lukenas III of Green Bereet Green Beret III died of a blood clot several weeks after 100 hours plus at Bank of America. Then in January, Carter Anthony McCainch, a 28 -year -old partner in Jeffrez, died due to an overdose of suspected drugs after she worked as similar hours.

In 2024, an annual survey of more than 500 bankers conducted by Wall Street Aisis found that analysts in the first year had registered 74 hours a week.

When Citi opened the málaga office in 2022, some argued that it was far from the real solution to the hard table facing many young bankers.

“If I worked in Citibank, I will not go anywhere near this offer,” wrote Molly Johnson Jones, a former investment banker, in a letter to Financial times In 2022. “Perhaps if more companies adopt real flexible work, and based on output instead of the work site or working hours, people can work on their own conditions – and companies will not have to resort to such desperate measures to prevent fatigue.”

This story was originally shown on Fortune.com

2025-04-25 16:21:00