Citi Turns to New Hub in Malaga to Lure Junior Analysts
- Bank bets that location will attract talent, stem attrition
- Team of 30 analysts is planned for Andalusian outpost
Tourists in Malaga, Spain.
Photographer: Jesus Merida/SOPA Images/LightRocket/Getty Images
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Citigroup Inc. is setting up a new hub in Malaga, Spain, where it plans to hire 30 analysts, as part of the banking giant’s efforts to retain staff.
The lender hopes the Andalusian city, with more than 8 miles (13 kilometers) of coast line along the Mediterranean Sea, will offer employees a better work-life balance and help curb attrition among junior bankers. Initially, those hired as part of the pilot will focus on the industries Citigroup believes are the fastest-growing -- including technology, sustainability and health and wellness -- and support investment-banking teams in Frankfurt, London, Madrid, Milan and Paris.