Citigroup closes its office in the south of Spain, which was opened only three years ago to provide employees with a better balance between work and private life.
The office in Máladz was aimed at promoting eight -hour working days from Monday to Friday among younger investment bankers.
In the statement, Citi confirmed that it had informed employees about the closing of the office as part of the implementation of its company's simplification strategy and improving its operations.
The office was opened in 2022 after the Lockdown-related period related to Covid-19. His picturesque location in the famous Spanish Costa del Sol region was competitive and provided a clear difference compared to 100 hours of work, which younger bankers at Wall Street were used to.
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Most employees will be moved to other locations, but six of them will leave the bank.
“Our efforts to promote employee mobility and integration of our centers are visible in the successes that many of our colleagues from Málaga, who applied to positions in our offices in London and Paris,” said Citi.
According to the Financial Times report, when the bank launched the initiative in Málade, 27 analysts were selected from over 3,000 candidates.
“Our main location in Spain is Madrid, where we employ over 220 people who are not covered by this decision,” the company added.
“Citi continues our strategic development in Spain, having a strong presence in our key areas of activity, including in investment banking, property management and markets,” it was emphasized.
Changing the Wall Street approach to full -time work
Closing the office in Málade takes place at a time when Wall Street returns to pre -standard norms when it comes to approach to work.
This is particularly visible in the wide orders of returning to the office, which introduced numerous financial institutions.
The largest Wall Street companies decided to quickly return employees to offices, but Citi is still sticking to hybrid labor policy. Most employees have the opportunity to work remotely for three days a week. Goldman Sachs ordered employees to come to the office five days a week, and from March all JPMorgan employees must work stationary from Monday to Friday.
In June 2023, Citi informed its employees in Great Britain that will start monitoring data on presence in the office. Employees who regularly do not appear at work on the required days, They risk the consequences, from lowering the bonus to dismissal.
