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.
Since Goldman Sachs just started giving its senior employees unlimited vacation time, Citigroup is not the only major financial corporation to boost benefits. The company’s improved global vacation program was developed to “better promote time off to rest and rejuvenate,” according to a Goldman Sachs memo acquired by the BBC. However, unlimited leave is only available to senior employees, while junior bankers are still only permitted a fixed amount of vacation days each year.
Beyond Goldman Sachs, employees at Bumble and Netflix have access to comparable unrestricted vacation policies.
