- City initially rented 27 young bankers To work in her beach office on Costa del Sol in Spain in 2022, and promised less wages but a softening table of 80 to 100 hours common in this industry. However, closing the program indicates how the leverage has turned from the talent of beginners to employers.
For a long time, young bankers are facing a comparison: hours of punishment for work in favor Big money. The post -judgment battle For talent, though, Citigroup I tried something different, as some of the novice analysts presented a softer and spreading schedule on the famous Costa del Sol in Spain.
However, City announced on Wednesday that her beach office was closed in the Andalusian city of Málaga as part of a I continued payment “To simplify the company” and improve operations. It can also indicate how Economic opposite winds It may stimulate a broader batch of efficiency throughout the industry, forcing young bankers to focus on job security rather than maintaining the balance between work and life.
It is a dynamic that is constantly operated, Benjamin Granger, chief psychologist at the workplace in the online scanning tool QualtricsHe said luck. During the epidemic, it was often said, “The war ended for talents, and talent won.” It seems that employers have gained a lot of this leverage, though, a trend that can continue if the economy Weaken and Borrowing costs Slow down.
“It is more than a continuous cord tightening,” said Granger.
Hoping to fight exhaustion and attrition for employees, Citi initially rented 27 analysts from more than 3000 applicants in 2022 for the Málaga program, According to to Financial times. At that time, their salaries were about half of the start of $ 100,000 by their peers in major centers such as New York, London or Frankfurt. Instead of 80 to 100 hours common in this industry, they promised to work free of work and weekend holidays.
City said that six employees of the Málaga office will leave the company, although more than 220 people are working on its primary Spanish website in Madrid will not be affected.
The company said in a statement submitted to luck.
A battle against fatigue
Manolo Falco, President of City International for Investment Banking Services, did not insist that the program in Málaga was not a way to circumvent.
“We suffer from a lot of credit like the rest of the industry,” he He said the Financial times In 2022.
But efficiency is also in focus, especially as A tariff of uncertainty The recovery threatens to integrate, sell and subscribe to the Trump administration in the early days of the Trump administration. Global investment services revenues decreased by 6 % to 26.2 billion dollars, according to it Initial data From Dealogic, compared to $ 27.9 billion in the same period last year. The data showed the fees raised by CITI, however, jumping from $ 1.25 billion to $ 1.36 billion.
Unlike Competitors Which prompted strict delegations to return to the office, Citi allows most employees to work on a hybrid schedule with at least three days a week in the office. CEO Jane Fraser It is said He said that the company’s tolerance of a remote work can be a competitive and employment advantage.
However, concerns about the working conditions in the industry have been emphasized The last tragedies. Last year, former Berit Liu Lukinas III He died From a blood clot after several weeks plus 100 hours as an assistant in Bank of America. Then in January, Carter Anthony McCainch, a 28 -year -old colleague in Jeffrez, died due to an overdose of the suspected drug after that. It is said Work is similar hours.
In 2024, annual reconnaissance Of more than 500 bankers conducted by Wall Street Osis, analysts in the first year were found on average 74 hours a week.
When Citi opened the málaga office in 2022, some argued that it was far from the real solution to the hard table facing many young bankers.
“If I work in Citibank, I will not go anywhere near such an offer.” books In a message to Financial times In 2022. “Perhaps if more companies embrace flexible work and pay the wage on production instead of the work site or working hours, people can work on their own conditions – and companies will not have to resort to such desperate measures to prevent fatigue.”
This story was originally shown on Fortune.com
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