Citi’s cheap happy junior bankers in Malaga are not so grateful
As Citi proceeds with its restructuring and 20,000 job cuts, all does not seem entirely well in the Malaga office where the US bank employs around 30 junior investment bankers who theoretically have a great life.
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Citi isn’t commenting, but multiple sources say the Malaga analysts have been informed that, contrary to their aspirations, they won’t be able to transfer to the London office in the future. This is a problem because many seem to have been working hard for comparatively low pay with precisely this goal in mind.
”Contrary to all the official messaging, the vast majority of Malaga analysts didn’t choose to work in Spain for a better lifestyle but because they couldn’t find jobs in London,” says one Malaga insider. “We’ve been working London investment banking hours for circa £50k salaries and low bonuses for nearly two years now in the hope of getting a transfer to London. Now, we’ve been told this won’t happen.”
Another Citi junior in Malaga confirmed that the unlikelihood of a London transfer was recently communicated to the analysts on the programme.
Citi set up its Malaga office in 2022 and promised juniors there eight-hour workdays and weekends off. In return, they were said to earn total compensation, including salary and bonus of up to $90k, instead of the circa $180k paid to juniors in Citi’s harder driving London office.
In fact, Citi juniors say they’ve been working 70-90 hour weeks in Malaga in the hope that their zeal would incline the bank to transfer them to London. Now that it’s become clear that it won’t, morale is said to have plummeted.
Not all Citi’s Malaga juniors are equally disgruntled, though. One tells us that the complainants have
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