Sun, sea and sackings: Wall Street giant Citi shuts ‘bankers’ paradise’ office in Spain's Malaga

IT was pitched as a sun-kissed revolution for overworked young bankers – but just two-and-a-half years after splashing down on the Costa del Sol, Citigroup’s ‘dream job’ experiment has come crashing down.

The Wall Street giant has confirmed it is pulling the plug on its Malaga outpost, once hailed as a radical new model offering junior investment bankers a cushy 9-to-5 life in the Spanish sun – complete with weekends off and sangria sunsets.

Dubbed the ‘beach office’, Citi’s southern Spain hub was launched in 2022 as a post-pandemic perk to lure top talent tired of brutal 80-hour weeks in London and New York.

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Just 27 lucky grads were picked from over 3,000 applicants for the relaxed eight-hour workdays with none of the usual City slog.

At the time, top exec Manolo Falco swore it wasn’t a gimmick – but now, it’s game over.

Six unlucky staff will be shown the door, while others are being shipped back to the grey suits, drizzle and 80-hour weeks of London and Paris. “We’re simplifying operations,” Citi said in a statement, confirming the office closure as part of a wider shake-up.

The axe comes as dealmaking dries up and banks, including JPMorgan and Barclays, demand bums back on office seats. Citi had tried to buck the trend with hybrid working and laid-back vibes – but even they’ve started tracking employees’ office swipe-ins.