Citi's ex-Malaga analysts are finding fine jobs away from the vibes of London
Now that Citi has closed its Malaga office and moved some of the 27 low-cost-low stress analysts who were based there to the London office instead, sources at the bank suggest there's a bit of indigestion.
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Citi isn't commenting, but insiders claim that not everyone at the bank in London has been receptive to the arrival of the ex-Malaga juniors, who are perceived as lower calibre and less amenable to long hours than the rest. The snobbery is allegedly most intense among Citi's elite Spaniards in London, many of whom went to superior schools and have more upper middle class backgrounds than the new arrivals.
"Citi's senior Spanish bankers in London have a strong sense of superiority and are extremely elitist," claims one. "They're all from Madrid and from the same posh schools. There's no one among them from Barcelona or southern Spain. They're only familiar with Malaga because they have holiday homes in Marbella."
Manolo Falcó, the former co-head of Citi banking (now a chairman in the division), exemplifies the elite ethos of Citi's London Spanish cohort. Falcó, who is known in Spain as Manuel Falcó y Girod, 13th Marquess of Castel-Moncay, owns large family vineyards and is related to the Spanish royal family. "The Madrilenos didnt want to be associated with the Spanish franchise," says the insider, without referring specifically to Falcó.
The Financial Times reported previously that María Díaz del Río, the former chief of staff for Citi's EMEA investment bank, was a major supporter of the Malaga office. Sources at the bank suggest the location was convenient for del Río's second home in the region.
While Citi's London bankers are sniffy about the Malaga analysts, there are signs that the Malaga analysts don't need London anyway. "The Malaga analysts are finding great exit opportunities," says the insider. They include sovereign wealth funds and private equity. - Carmen Barrionuevo, for example, joined Dubai Holdings as an investment analyst last November; Nicolas Hassoun left for Qatar Sports Investments last September.
"These are great buy side gigs with very attractive tax-free compensation," says the Citi insider. "They're better options than come to London where you may not even be very much welcomed."
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