City to close the málaga office, which promised bankers with a better balance in work and life

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Citigroup closes the málaga office on the beach after less than three years of HUB opening to provide bankers with novice investment with a better business life balance.

The bank confirmed in a statement to the Al -Malian newspaper.

City The office was opened in 2022 At the height of the postpartum battle for talents in the financial services industry, while banks face criticism of their failure to prevent exhaustion.

Wall Street was hoping for that Distinguish itself from its competitors By providing novice employees for eight days and weekends free of work on working on Costa del Sol-far from working weeks for seven days, usually ask young investment bankers in New York and London.

However, City said on Wednesday that it was closing the office as part of its strategy “simplifying the company and making improvements to how we work.”

He added: “Unfortunately, this decision means that six of our colleagues in Málaga will leave the company, and we will provide support for them during this process.” The bank said that “many colleagues” in the Málaga office will move to roles in London and Paris.

Investment banks have been beaten drought for long periods, lenders began to retract privileges and tighten work policies in the era of the epidemic. Banks, such as Jpmorgan Chase and Barclays, have in recent months have demanded more offices attending regularly.

City He was seen as a stranger in this industry, as CEO Jane Fraser pledged earlier this year to maintain the hybrid work policy of allowing most employees to work from home two days a week. However, the lender began to track the Security Pass Swipes in late 2023 to ensure that the employees were meeting the requirements of the office.

When the American Bank launched the Málaga initiative in 2022, 27 analysts chose more than 3,000 applicants.

At that time, Manolo Falco, President of City International for Investment Banking Services, said, said The initiative was “not a way to circumvent” There will be no “stigma” associated with it despite the reduced demands.

He added that the bank had received an “incredible reaction internally” on this step and was keen to know if it could prevent graduates from choosing professions in private stocks and technology by providing a better balance in work in the bank.