The financial sector is following in the footsteps of the technological industry in choosing Malaga as its base for launching projects round the world. After major companies such as Google, Vodaphone, Oracle and Dekra set up in Malaga, to name just a few, the province is now to be a base for the financial giant Citigroup, which is setting up a new centre to capture young talent for the whole of Europe and plans to employ 30 junior analysts who specialise in the financial sector. The group’s aim is clear: seduce the most highly qualified young professionals with the quality of life in Malaga province.
“The whole industry is finding it hard to keep talented junior bankers and in many cases it is because they want a better balance between their working and personal life,” says Manuel Falcó, the global co-director of the Banking, Capital Markets and Advisory unit at Citigroup.
Initially the new employees will work in areas such as technology, sustainability, health and wellbeing, supporting the group’s investment banking teams in Frankfurt, London, Madrid, Milan and Paris.
Climate, culture and international connections
Sources at Citigroup say the major financial corporations of Wall Street need to offer more than salary increases to keep the most promising bankers, and that is where Malaga comes in, not only because of its climate and culture but also its convenient international connections via the airport.
According to the Financial Times, Citigroup considerably increased junior bankers’ salaries last year so an analyst in their first year now earns around 100,000 dollars. The group hopes that in addition to the Malaga project serving to retain young talent, the salaries will also attract promising youngsters to a career in finance.
The company is also adapting to the new way of working which came about during the pandemic and is offering a hybrid model, where all staff are offered a better balance in their work and home life, says chief executive Ignacio Gutiérrez-Orranti. “We believe this will continue to be a competitive advantage in attracting and retaining the best possible talent,” he says.
Source: surinenglish.com
