Citigroup closes its coastal office in southern Spain, which was opened only three years ago to provide employees with a better balance in work and life.
The workplace was created in Málaga to promote for eight hours from Monday to Friday for banking banks to invest.
In a statement on Wednesday, Citi confirmed to Business Insider that she had told colleagues that the office would conclude with the New York -based bank continuing to implement its “strategy to simplify the company” and improve its operations.
The office was opened in 2022 after Covid-19s. His location has proven the scenic landscape in the famous Costa del Sol region in Spain, a competitiveness of the bank, providing a blatant team of novice bankers for 100 hours in Wall Street who used to do so.
City said that most employees would be transferred, but six will leave the bank.
City said: “Our focus on enhancing colleague movement efforts and integrating our centers is clear in successful applications by many of our Málaga colleagues to hold positions in our positions in London and Paris,” City said.
According to the Financial Times report, when the bank first launched the Málaga initiative, 27 analysts were chosen from more than 3000 applicants.
The company said: “Our main Spanish website is Madrid, as we use more than 220 people who are not affected by this procedure.”
“Citi continues our strategic growth in Spain with a strong presence in our basic business lines, which includes investment services, wealth and markets.”
Wall Street turned into RTO
The Citi closure of the Málaga office comes at a time when Wall Street returns to prenatal standards regarding work positions.
Related stories
Business Insider tells the innovative stories you want to know
Business Insider tells the innovative stories you want to know
This was more evident in the mandate of the return to the sweeping office, which was set by many major financial institutions.
While the biggest names of Wall Street have impatiently brought the employees to their offices in the city center’s offices, Citi stood alongside her hybrid work policy.
Most employees have the option of working from home three days a week, unlike most of its competitors. Goldman Sachs commissioned the employees to enter the office five days a week, and since March, all JPMorgan workers had to work from the office from Monday to Friday as well.
In June 2023, Citi told the UK that it would start monitoring the office’s attendance data. The employees continued not to enter the workplace on the required days the risk of being disciplined, from adjusting their rewards to its launch.
