Citigroup closes Málaga office, cuts jobs

Citigroup is closing its Málaga, Spain, office, a hub designed to offer junior investment bankers better work-life balance, less than three years after its launch. The closure will result in job cuts and relocations to London and Paris. The Málaga office, opened in 2022, aimed to attract talent with shorter workdays and work-free weekends, contrasting the demanding hours typical in the industry. However, the bank cited a strategy to simplify operations as the reason for the closure. The initiative faced internal skepticism and struggled with perception issues, including professional isolation and a lack of growth opportunities, ultimately failing to align with the industry's operational realities.