Citi to close beachside office in Málaga

Citi is shutting down its experimental beachside office in Málaga, where young investment bankers could combine work and leisure. The bank launched the initiative in 2022 to help combat burnout. However, Citigroup is now shifting its focus back to efficiency and cost control.

Less pressure, lower salaries

Initially, Citi selected 27 junior analysts from more than 3,000 applicants. They worked on the Costa del Sol for roughly half the starting salary offered in cities like London or New York. In return, they enjoyed lower stress levels and no long evenings or weekends filled with work. However, these benefits proved to be short-lived.

Focus on efficiency and restructuring

Citi closed its beachside office in Málaga as part of broader restructuring efforts. The goal: to simplify operations, integrate teams, and improve performance. The decision comes at a time when banks worldwide are refocusing on productivity. Economic headwinds and rising interest rates are putting pressure on businesses — and employees are feeling the impact.

Young professionals are being forced to reassess their work-life balance. Job security is increasingly taking priority over flexibility, as the balance of power between employees and employers continues to shift.

Mobility within Europe

Six employees will lose their jobs, but others have secured positions at Citi offices in London and Paris. More than 220 staff members will continue working in Madrid. Citi emphasizes that international mobility remains a key part of its workforce strategy.

Burnout remains a challenge in the industry

Although Citi allows hybrid working, the industry remains notorious for its long hours. Last year, two young bankers died after weeks of extreme workload at other major banks. A 2024 survey revealed that entry-level analysts work an average of 74 hours per week.

Málaga was never a structural solution

The Málaga office offered a temporary alternative but not a lasting change. As long as the industry continues to tie compensation to presence rather than performance, high workloads will persist.

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