Citi Shutters Spain Outpost Meant to Lure Beach-Seeking Analysts

Of all the signs of how quickly investment banking fortunes have changed in the last three years, the clearest may be on the Costa del Sol.

There Citigroup Inc., fresh off Wall Street’s most profitable year ever, was seeking to address the moment’s hottest problem in early 2022: holding on to junior bankers. A seaside outpost in Malaga, Spain was a new way to offer perks to attract talented young employees.