Investment bankers have ‘work-from-beach’ dreams crushed after Citi shutters its Málaga office

• Citi initially hired 27 junior bankers to work at its beachside office on Spain’s Costa del Sol in 2022, offering less pay but a softer schedule than the 80- to 100-hour weeks common in the industry. The program’s closure, however, signals how leverage may be shifting from junior talent back to employers. 

Young investment bankers have long been faced with a tradeoff: Work punishing hours for big money. Amid the post-COVID battle for talent, though, Citigroup tried something different...