The Spanish city of Malaga—better known for its beaches than its banking talent—has attracted another investment bank to launch a new hub.
GP Bullhound, specialist in technology deals, plans to hire 50 people to work on technology projects in the city. The move follows US bank Citigroup, which this year launched a postgraduate program in Malaga in an attempt to offer a better work-life balance for its young people.
GP Bullhound is looking for specialists in software, data science, research and design for a new hub in Malaga, it said in a statement announcing the move. The bank, which has 12 offices worldwide, is likely to replicate this in other cities, including on the US West Coast, he added.
Jaime Moreno, chief strategy officer at GP Bullhound, said the center would “fundamentally transform the way investment banking and investment management work. Our team of designers, developers, researchers and data scientists will bring new methodologies and a completely new mindset to the way we approach transactions”.
TO READ Citi’s new Malaga hub attracts 3,000 applicants, including former footballers and Olympians
Malaga is a popular holiday destination with rolling beaches and 320 days of sunshine a year. However, it is also gaining a reputation as a technology hub, with banks building centers there hoping to tap into a supply of talent coming out of local universities at a lower cost.
Last year, Google opened a cybersecurity center in Malaga, while Vodafone started research and development there in February.
Citi is hiring 30 investment banking analysts in Malaga and will seek to offer a better work-life balance for young people by restricting working hours. Analysts typically log 100 hours a week, which has led to a burnout crisis in the industry over the past 18 months. Citi will pay its Malaga juniors around half the $100,000 salary it offers those in London, New York and other major financial centres.
Citigroup received 3,000 applications for its jobs in Malaga, with those vying for a slot including professional swimmers who have competed in Olympic trials, a former professional footballer, a professional pianist and someone who competes in world championships. martial arts, Financial News reported.
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