Citigroup opens Malaga hub amid staff burnout concerns
WALL Street giant Citigroup has opened a hub in Malaga to offer its staff a better work-life balance.
The US firm chose 27 analysts from more than 3,000 applications across the world for the programme which was launched yesterday.
Most of the junior investment bankers are in their early 20s and the 16 men and 11 women includes one Briton and one dual Spanish-British national.
Between them they speak a total of 15 languages.
The scheme offers eight-hour days and work-free weekends, distinguishing it from the seven-day a week culture of the City and Wall Street.
It also offers an alternative lifestyle route at a time when it is harder to persuade some employees to go in to city-centre offices after the homeworking of the pandemic.
A civic reception was yesterday being held in Malaga to mark the start of the project.
Manolo Falco, Citigroup’s global co-head of investment banking, insisted that it was ‘not a gimmick’ and had got off to a good start.
He told the Financial Times: ‘We lose talent to private equity and tech, so we are eager to understand if we can stop that by offering a better work-life balance.’
Maria Diaz del Rio, chief of staff for the unit in Malaga, said: ‘Sometimes banks burn out our analysts, so we want to prove they can work limited hours and still add value. When they are working on Mergers and Acquisitions deals, maybe we will ask them to work longer, but will compensate them with more holidays.’
Those who want to advance their career will have to move on from the Costa del Sol.
Staff who have performed well after two years will have the opportunity to apply for jobs elsewhere such as New York or London.