The program promises eight-hour days M–F, a stark contrast with most Wall Street newbies’ grueling work schedules.
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In the competition for top talent, banks have pumped lots of money into starting salaries, but to woo future bankers Citi is betting on beautiful beaches and actual happy hours. Yesterday, 27 Citigroup analysts kicked off the bank’s new two-year program that is supposed to prioritize work–life balance for employees in the Spanish city of Málaga.
The program promises eight-hour days M–F, a stark contrast with most Wall Street newbies’ grueling 24/7 work schedules. On the downside, the Málaga analysts make about half the $100k salary of their counterparts in traditional analyst roles. Still, 3,000+ people applied for the program.
Taking on burnout: If we had a dollar for every article roasting investment banks for working their junior bankers too hard, we’d have…a senior banker’s salary. But the criticism heated up last year when a leaked slide deck revealed how the 95-hour workweeks of Goldman Sachs first-year analysts were taking serious mental and physical tolls.
Still, the banking landscape isn’t all blue skies and beach views right now. Goldman Sachs is planning layoffs, and JPMorgan said investment banking fees could fall 50% this quarter.—MM
