The good news is that without the work, former employees are going to have plenty of time to spend on their lives. The bad news is that they’re not going to have much more money to spend.
Citigroup is shutting down its Málaga office less than three years after opening the hub, cutting a few jobs and relocating others to London and Paris, according to FT.
Opened in 2022 during a fierce post-pandemic talent war, the Costa del Sol office offered junior bankers eight-hour days and work-free weekends, a sharp contrast to the grueling hours typical in New York and London
Citi said the closure is part of its plan to “simplify the firm and make improvements to how we operate.”
It added, “Unfortunately, this decision means that six of our colleagues in Málaga will be leaving the firm, and we will provide support to them during this process.”
FT writes that the initiative, which selected 27 analysts from over 3,000 applicants, was originally praised by Citi’s global co-head of investment banking, Manolo Falcó, who said it was “not a gimmick” and that there would be no “stigma” for those opting for better work-life balance.
The closure comes amid a wider retreat from pandemic-era perks, as a prolonged dealmaking slump forces investment banks to tighten office policies.
We’ve come a long way since Covid, when work-life balance came into focus after disgruntled Goldman Sachs junior bankers made the infamous PowerPoint presentation that forced banks on the street to at least pretend and posture like they cared about their lower-rung employees’ mental health.
We reported last summer that junior bankers on Wall Street were already back to working 100 hour weeks. Interviews with current and former junior bankers revealed that 100-hour work weeks had resurged as banks pursued a modest deal flow. Employees, speaking anonymously, said that workloads were testing promises to protect trainee health.
Tyler Durden
Tue, 04/29/2025 – 02:45
