Citi Banker is offering junior bankers a permanent vacation to Malaga, Spain to attract new talent.
Christian Wandeler·May 25, 2022·3 min read
Retaining and locating talent has been one of the key concerns for many banks over the last few years. Banks have been courting their junior bankers, cranking their pay higher, showering them with gifts, and promising better work-life balance.
Here is the latest move to make Citi a more attractive employer and retain talent: set up a new hub in Malaga, Spain, where the banking giant plans to hire 30 analysts.
Bloomberg reports that the lender hopes the "Andalusian city, with more than 8 miles (13 kilometers) of coastline along the Mediterranean Sea, will offer employees a better work-life balance and help curb attrition among junior bankers. Initially, those hired as part of the pilot will focus on the industries Citigroup believes are the fastest-growing - including technology, sustainability, and health and wellness - and support investment-banking teams in Frankfurt, London, Madrid, Milan, and Paris."
So, the analysts will not only work locally with their team but they will likely work remotely with teams in other countries and probably visit them occasionally.
In the same vein, Citigroup also stated it was increasing pay after a blockbuster year in 2021, moving base salaries for junior bankers up to $110,000.
So what do we think about this?
Overall, this is another great example of an organization adopting new work policies to become more attractive to the workforce.
However, living on a paradisiac island and increasing your employee's income does not guarantee work-life balance. In a sense, we do hope this is not another riff on the theme “give your employees perks”, so it will be interesting to see to what extent the work-life balance will really happen.
If big corporations insist on offering perks to employees instead of working on upgrading their culture, these can easily be surpassed by organizations taking a more personalized and human-centric approach to employee experience and satisfaction.
Citi Bank's CEO, Jane Fraser, seems to be leading a change in the banking industry. I am personally eager to see how this rehabilitation develops and hope Fraser succeeds in upgrading the culture of one of Wall Street’s top banks.
Do you wish to learn about how to retain and attract employees without necessarily overstretching your payroll or having to open up new offices in attractive locations? Have a look at this article on Apple's Employee Retention and The Great Resignation piece suggesting "11 Semco Practices that Can Help You Retain Talent".
There is more to come, so keep an eye on future articles!
Rajbhandari, A. & Surane, J. (2022, March 14). Citi Turns to New Hub in Malaga to Lure Junior Analysts. Bloomberg. Retrieved from https://www.bloomberg.com/news/articles/2022-03-14/citi-turns-to-new-hub-in-malaga-in-bid-to-lure-junior-analysts.