Citigroup plans to hire 30 analysts in Malaga, Spain

Bloomberg

Citigroup Inc is setting up a new hub in Malaga, Spain, where it plans to hire 30 analysts, as part of the banking giant’s efforts to retain staff.
The lender hopes the Andalusian city, with more than 8 miles (13 kilometers) of coast line along the Mediterranean Sea, will offer employees a better work-life balance and help curb attrition among junior bankers. Initially, those hired as part of the pilot will focus on the industries Citigroup believes are the fastest-growing — including technology, sustainability and health and wellness — and support investment-banking teams in Frankfurt, London, Madrid, Milan and Paris.
“Low levels of junior-banker retention are being seen across the industry, and the message is clear: The key driver behind many junior-level departures is the search for a better work-life balance,” Manolo Falcó, global co-head of the banking, capital-markets and advisory unit, said in a statement. “At Citi, we are listening.”
Citigroup is betting that Wall Street will need more than pay bumps to retain bankers as they build their careers. Many of the world’s largest banks were forced to increase pay for their most junior employees after a boom in deals had analysts and associates working late nights and most weekends throughout the pandemic.
Last year, Citigroup increased pay for junior bankers in most locations by between $15,000 and $25,000 — taking a first-year analyst’s base salary to $100,000. In January, the bank increased pay for junior investment bankers in the U.S. again.
The company is also hoping the new pilot program in Malaga will help it attract staffers that might not normally consider a career in investment banking. The bank said applicants will be chosen with wide-ranging languages and skill sets.
Citigroup Chief Executive Officer Jane Fraser has been among the most vocal among bank leaders in embracing new ways of working after the pandemic spurred burnout among employees around the world.
Citigroup is “adapting to the new world of work as we emerge from the Covid-19 pandemic by embracing the hybrid model and offering all our staff greater work-life balance,” Nacho Gutiérrez-Orrantia, who leads the banking, capital-markets and advisory division in Europe, the Middle East and Africa, said in the statement. “We believe this will continue to be a competitive advantage in retaining and attracting the best possible talent.”