Citigroup closes Málaga office, impacting jobs

Citigroup is closing its Málaga, Spain, office, a hub created to offer investment bankers a better work-life balance, resulting in job losses and relocations. The bank confirmed the closure to the Financial Times, citing a strategy to "simplify the firm." The office opened in 2022 to attract talent with shorter workdays and weekends off, a contrast to the demanding hours typical in the industry. The closure comes as investment banks face a dealmaking slowdown and are reevaluating perks. Citi had previously maintained a hybrid work policy, but is now consolidating operations, impacting the Málaga office's staff.