Seeking to offer better work/life balance, Citi has opened a branch in one of Spain's most popular coastal cities, Malaga.
Citigroup has dramatically upped the ante when it comes to luring young bankers in a competitive job market, assigning them to a two-year stint at the Spanish seaside.
The Wall Street bank C has set up a new branch for junior investment bankers in Málaga, the capital of the province of the same name on Spain’s southern Mediterranean coast. Temperatures in the seaside city rarely drop below 38ºF in the winter or exceed 97ºF in the summer. “After considering distinct locations in Europe, the Middle East and Africa, it was decided that the new group would be located in Málaga for its recognized capacity to attract and retain talent internationally,” Citi said in a statement. The office is situated in the center of the city, which is one of the oldest in Spain, having been founded by the Phoenicians around 770 B.C.
Manolo Falcó, global co-head of investment banking, told the Financial Times that this was not just a gimmick to draw in young candidates. “We suffer from a lot of churn like the rest of the industry, 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,” he said.
Entry-level salaries reportedly have climbed 30% to $110,000 over the past year at many of the bigger firms, with weekend work limited and more vacation time doled out, according to Financial News.
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