Financial Services: Strategic Management of Capital and Securities for Corporate Clients
Spain's Costly Dream: Citi's Failed Experiment in Work-Life Balance
Just three years ago, Citi opened a swanky new office in the sunny Spanish city of Málaga with a bold new mission: to provide junior investment bankers with a better work-life balance. But now, things are looking rather gloomy. The bank has announced it's packing up and moving on.
In 2022, with reports of 100-hour workweeks on Wall Street making headlines, Citi decided to make a change. Recognizing the importance of work-life balance, they launched a pilot program in Málaga, offering competitive salaries, eight-hour workdays from Monday to Friday, and of course, the promise of sun, sea, and sand[1][2]. The location, nestled in Spain's Costa del Sol region, was designed to attract talent with the lure of a better quality of life.
But sunshine and sea breezes weren't enough to save the office. In 2025, Citi revealed that the Málaga outpost would be closed as part of a broader strategic reorganization led by CEO Jane Fraser. The bank is focusing on high-growth markets – European financial hubs and Asia – and is concerned with streamlining operations and improving its efficiency in core hubs like London, Singapore, Hong Kong, and the UAE[3][4]. This decision aligns with Citi's ambition to optimize its global footprint, shedding underperforming segments such as the Málaga office[4].
Most of the Málaga employees will be shipping off to other Citi hubs, like London and Paris, but a few may be saying their goodbyes to the bank altogether[1]. The closure has sparked some heated discussions, with questions being raised about Citi's priorities and the potential costs involved in consolidating operations[4].
So, was Citi's Málaga experiment just a costly dream? Well, it's tricky to say, but one thing's for sure – work-life balance still remains elusive for many investment bankers. Here's to hoping this isn't the last time someone tries to crack the code!
[1]: Enrichment Data – The Málaga office was opened as part of a pilot program aimed at improving work-life balance for junior investment bankers. Employees from the office will be relocated to other Citi hubs. The closure of the Málaga office has sparked discussions about the bank's priorities and consolidation costs.
[2]: Enrichment Data – The Málaga office was designed to attract talent by providing competitive salaries and eight-hour workdays, in contrast to the typical 100-hour workweeks experienced by junior investment bankers on Wall Street.
[3]: Enrichment Data – Citi’s decision to close the Málaga office is part of a broader strategic reorganization led by CEO Jane Fraser, with the bank focusing on high-growth markets, such as major European financial hubs and Asia.
[4]: Enrichment Data – Citi aims to simplify its structure, enhance its operational efficiency by concentrating on its core hubs, and optimize its global footprint by eliminating underperforming segments.
- Despite the grand ambitions of creating a haven for investment bankers with better work-life balance, Abhijat Chopra, a former employee at Citi's Málaga office, spoke of his struggle with burnout in the finance industry.
- In an interview in 2025, newly appointed London-based investment banker Anika Patel lamented about her overwhelming workload and the long hours she was forced to put in, questioning whether the move from Málaga had truly made a difference in her life.
- In a push for optimization and growth in core financial markets, Citi’s investment in the Málaga office, set up to offer a respite from the rigours of traditional banking, can now be seen as a strategic misstep, leaving many to question the bank's understanding of the challenges investment bankers face.
- By 2025, with the closure of the Málaga office, many investment bankers found themselves as part of a growing population grappling with burnout, spurring a need for innovative solutions in the finance sector to address this issue and create sustainable business growth.
