Australia Investment Banking Scene
Could anyone working in the Australian industry please enlighten me on what areas are strong in the Australian market besides metals and mining?
Also, why does JP Morgan have so many jobs available in this region? Is there high attrition/no dealflow/poor culture or what?
Which are the best banks in terms of culture?
What are RBC, Nomura etc like?
Any general information would be great.
Thanks in advance
Hi Analyst 2 in IB-M&A, no, I never sleep and so I can respond to any lonely threads (like this one) at all hours of the night. Impressive, I know ;-)
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If those topics were completely useless, don't blame me, blame my programmers...
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JPM lost many to Jarden / Barrenjoey
Seems like there is basically one analyst position open per coverage group. Not sure if this is due to MD moves.
Yeah Jarden and Barrenjoey have stripped the street. Do you happen to know the best groups at JPM? Is their FIG team strong?
Does anyone know which banks pay top of the street in Aus?
Pay across the bigger banks isn’t extremely different.
Some of the up and coming shops (Jefferies & Jarden) will generally pay more to poach talent.
Would you be able to cite some rough numbers for AN/AS/VP ?
A friend got multiple offers to Sydney banks and said Goldman was his too offer and top of the street. This was 2-3 years ago though
not sure if this is true on the pay front, have heard there is a "goldman discount". However, would definitely be most Aus bankers first choice if they had multiple offers.
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I've heard UBS is one of the top banks in Sydney.
Edit: don’t know why the MS....
https://www.wallstreetoasis.com/forums/qa-australian-ib-life-etc
Aus banker here. UBS were (and largely still are) one of the top banks in Aus. Have certainly been hurt by a number of high profile departures and a number of defections to Barrenjoey and Jarden.
Which banks have a strong M&A group?
All sectors are pretty strong, based on numbers alone metals and mining doesn't seem to be especially overweight unless you're working in a Perth office. There are some smaller players like BMO, boutiques etc that have a strong if not absolute focus on the sector but they're the exception.
I know league tables evolve every year but I really don't think you can go wrong with Macquarie Capital, especially if you're looking at a long term career in AU. Beyond feeding a lot of people into senior positions within the local business scene, it's actually a really impressive company that punches well above its weight internationally. They also offer great internal opportunities, MIRA in particular is pretty world class.
Nomura seem to struggle quite a bit. However, get a bit of assistance due to balance sheet capabilities.
Surprised there's only one mention of Macquarie - seems like where a lot of Aussie folks I've met had their start, and every ex-Mac guy I've met (to be fair, only met like 5-10) has been pretty competent, so sounds like they have good training programs / people have quality deal experience there.
Macquarie is top 2 in deal tables every year in Aus and has been like that for many years; truly a powerhouse in Aus. Think it gets understated a little bit as it does not garner the same 'prestige' as some of the larger US banks.
Macquarie is definitely heralded like a god here in Australia - internationally, aside from their infrastructure stuff, they do have a smaller presence. Agree that they are understated a little, given they aren't American
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What about Lazard? Seems they are on a hiring spree even though they had announced they were leaving the Aus market last year
I'd steer clear. They slashed headcount and only win deals in renewables
Any thoughts as to lateraling from a US bank to the Australian banking scene? Would the banks sponsor a visa for an international hire, or is this out of the question?
A1 at Aus BB here,
FIG strong as plenty of consolidation happening to compete with the Big 4 banks. BNPL also born here and fintech becoming an important coverage area for IB's (GS have a fintech-focused MD). Healthcare is big - typically sits under most banks GI coverage. Sectors such as radiology are rife with PE activity at the moment.
Personally heard BAML has shit culture, Moelis Sydney is a sweatshop and CS excellent culture. Unsure of others.
RBC does well in the over-banked aus market. Nomura struggles. Top EB to go to is Moelis which have a solid intern program and are #1 in MM REIT.
If it were me, I'd stay away from DB, Gresham, Grant Samuel, Nomura.
All due respect A1, you have no idea what you're talking about.
With respect to what, junior?
I've heard excellent culture at Citi and that JPM is sweaty as fuck.
Citi seem nice enough when I talked to them (culture wise). They also have town cars which is good if you’re female and working late. Only thing that bugged me is they did not get back to me after my interview to let me know I didn’t get the job, even though they said they would. I realise people get busy, but I don’t see why they should say they will call me either way if they then don’t. Even an email would have been fine. From what I know of Macquarie and Jarden, they both seem to have good cultures.
What I have heard on the street from Macquarie is that the hours for a 1st to 2nd year ER analyst are from around 8 am to 8 pm, but then no take home work. I am not sure about Macquarie Capital typical hours. They have a gym in the building and a group work out at lunch for those that want to participate.
Agree mostly with the stay away list but what's the gripe with Grant Samuel? Have heard it was a good boutique shop.
No gripe - great bank with wonderful culture. Has terrific learning experience and good exposure apparently
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