Citi del Sol: How the party ended for Wall Street bank’s Malaga experiment
Former employees in Citi’s Spanish beachside office say the reality differed to the bank’s pitch, with many working long hours in the hopes of earning coveted roles in cities such as London and Paris.
Malagueta beach in Malaga, southern Spain. Citi’s lifestyle pitch didn’t match the reality. Bloomberg
In 2022, as junior investment bankers complained of burnout from a record-breaking dealmaking boom, Citigroup had a solution for bringing in and retaining new talent: a better work-life balance working in Spain’s Costa del Sol.
The US bank hired 27 analysts to work from a newly opened office in Malaga – a city favoured by tourists and Spaniards alike for its cocktail of sun, sea, restaurants and bars – promising eight-hour days and free weekends.
