To provide more new hires with a more laid-back working atmosphere, Citigroup has constructed a new office by the sea in Malaga, Spain. The fortunate workers will reportedly work eight hours a day and have weekends off, but their salary will only be half that of their London and New York-based coworkers.
3,000 people applied for the vacancies, and according to BBC, 27 new employees are already enjoying the Malaga office. The majority of the 27 people, whose ages vary from 22 to 26, are said to be from 22 different nations, according to the BBC article. Their responsibilities, according to the BBC report, include supporting teams who are assisting clients from various industries.
These advantages come at a time when it’s said that the industry is overworked, a situation that became worse after the COVID-19 outbreak started. Manolo Falcó, the bank’s global co-head of banking, capital markets, and consultancy, previously said that young bankers seeking a work-life balance experienced “low levels” of retention.
The Financial Times, however, was made aware by Falcó that their beachside office is not a PR gimmick.
The program is off to a strong start, the CEO told the Financial Times, thanks to the outstanding reaction from both internal and external competition. The CEO insisted that this was a fact rather than a publicity stunt.
Falcó claims that the business is looking for novel approaches to entice the greatest talent, and from what they’ve noticed in CVs, younger employees desire “more free time.”
Goldman Sachs recently began offering unlimited vacation time to its senior workers, so Citigroup is not the first large financial institution to increase benefits. According to a document from Goldman Sachs obtained by the BBC, the company’s upgraded worldwide vacation program was created to “better promote time off to relax and rejuvenate.” The limitless leave, however, is solely intended for top workers, whilst junior bankers are still only allowed a certain number of days off each year.
Beyond Goldman Sachs, staff at Bumble and Netflix also have access to similar limitless vacation arrangements.
