Wall Street bank Citigroup is seeking an edge in the fierce war for talent by building a new hub for investment bankers in the southern Spanish city of Malaga, says the Financial Times.
It is hoping to attract 30 junior banking analysts from European universities with the offer of sea, sunshine and a cheaper cost of living on salaries at around half the $100,000 paid to first- year analysts in London or New York.
However, in contrast to the “brutal” 95-hour weeks typical in the sector that have led to complaints of “burnout”, Citigroup’s European graduates will, instead, work “less arduous” eight-hour days, with their weekends protected.
READ MORE: BUMPER BONUSES FOR JPMORGAN AND GOLDMAN SACHS BANKERS
Malaga has lured software business professionals and other multinationals in recent years.
Google has opened a cybersecurity centre on the Mediterranean coast, while Vodafone is opening a €225m research and development facility.
Kris Paterson is a writer for WhatJobs.com.
