Citi beach hub for analysts
https://www.ft.com/content/119e224b-f126-4a34-b775-db0666c97c33#comments-anchor
So i haven't followed this news for some time now but it seems like Citi's gimmick of sending some new analysts to a beach town is legit lol. This is so extremely weird. Like what are they even planning to achieve with this? Apparently it received 3k applications for the beach job and only 27 were picked, so do those 3k people plan to eventually assimilate into the regular IB environment 1 day? Or do they plan to do their bit in IB for 2 years in a beach and then exit, which is fair. Its gonna be hard to staff those 27 people on deals, when they work virtually for 40 hours, right? There's also a 32 y/o analyst lol.
1) They're not "sending" some new analysts to Malaga, the Malaga analysts specifically applied to and received an offer for the Malaga office. The 3000 people mentioned were not IB analysts beforehand, they were candidates.
2) Malaga analysts are extremely unlikely to exit anywhere, best bet for them if they want to continue working in finance is to apply after 2 years to join the London office.
3) Many of them accepted the Malaga offer because they didn't have many other options, but some of them have already expressed their willingness to work actual IB hours in the hope of making an internal move to London.
I see, thanks for clarifying. So seems like its an easy W for Citi, 2 birds with 1 stone. Open applications for an existing office in a beach town, but then publicise it as a huge progressive movement to improve WLB for analysts. Nice
Was a huge PR move. Was open applications for Malaga analysts, did not impact London analysts in any meaningful way.
Basically it’s like the outsourced Indian office but with London teams getting instead dedicated Malaga analysts for staffing (was in NRCET and think we got 3 analysts, so again not even huge amounts of manpower). They only do shit jobs and have no exit opps. Most of them are people who couldn’t make it into London for whatever reason so want to do this for a few years then transition over.
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