Macquarie Capital

tzn007's picture
Rank: Senior Monkey | banana points 93

Hello,
Could anyone offers some insights into Macquarie Capital, some pros about the company, some company specific things (i.e. corporate culture) that perhaps it does differently than its competitors. I know that Macquarie is a MM firm, and is big on restructuring. Tried doing some research, but can't really coming up with anything concrete.

Any input would be greatly appreciated.

Thanks fellow monkeys!!

Working at Macquarie Capital

Macquire Capital is mostly considered a middle market. The banks reputation has shifted somewhat through the years. Here are some thoughts form some certified users on the firms reputation both locally in the US and abroad.

from certified user @snakeplissken

in the US it's still a perfectly good name. i've never worked there, but i had a couple friends that have, and for some reason i kept hearing how "cheap" Macquarie is. i think they mean in relation to their bonuses vs. other bonuses on the street, as well as their budgets for taking clients out, but im not 100% sure. still a perfectly good name and you'll get good experience.

from certified user @kalga

Great in Australia/Asia. Not bad in the USA. Terrible to work with/for in Canada. No clue about the other regions.

from certified user @RonaldBacon

don't know much about them, but I would probably say on the lower end of the middle market firms in the US. but Macquarie is still a solid shop with a brand name that will open doors for you.

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Comments (79)

Sep 24, 2010

Huge company... what division you interested in?

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Sep 24, 2010

yo theres a lot of info about macquarie on the web..what are you talking about

Sep 24, 2010

Not "big" on restructuring; they do have a pretty decent Restructuring group, does some creditor-side work.

They are BIG in Infrastructure: they advise, they invest, they co-invest, etc. That is their bread-and-butter business, no matter how hard they're trying to branch out. Industrials has good deal flow too, with a lot of the companies they bank being infra-related and thus have prior dealings with/see future cross-selling potential.

I interned there this past summer. Culture was pretty good - no real douches, people didn't take themselves tooo toooo seriously, and bankers there were generally sociable and fun. That being said, morale was sort of low due to low bonuses the last couple of years, and many people are unhappy. However, if it can turn a new leaf, re-group, figure out some issues, it has all the resources to become a prime player in the ultra-competitive MM.

I know they are also huge in Asia (recently were on the AgBank IPO) and London. Australia they are BB-status, but have lost out on some big mandates recently.

Sep 24, 2010

Joke bonuses and moving operations from Sydney to New York.

If you can get a job at MacCap, you can probably get one at another bank, and I'd almost always take the other bank.

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Sep 24, 2010

Thanks analyst for hire!!! Appreciate the input. Am planning on applying there for SA, so just wanted to see if I can get some scoop on them.

Oct 17, 2010

Macquarie has had a hard time keeping good employees and an even harder time hiring qualified analysts and associates. Getting a job there shouldn't be a problem for anyone with average or above qualifications. Just don't expect pay at the same level of its competitors but you should expect to work the 70-100+ hour weeks.


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Oct 17, 2010

In Sydney they call Macquarie "Millionaire's Bank" because of the large bonuses they use to pay out (before the financial crisis) but i am sure that these numbers would be still be very mute compared to the bonuses that were paid out by wall street BB's.

If you want to work in Sydney, the Macquarie office in Martin Place is the place to be.

Oct 17, 2010
dec-jun-jun:

In Sydney they call Macquarie "Millionaire's Bank" because of the large bonuses they use to pay out (before the financial crisis) but i am sure that these numbers would be still be very mute compared to the bonuses that were paid out by wall street BB's.

If you want to work in Sydney, the Macquarie office in Martin Place is the place to be.

Maybe 5 years ago but definitely not today, and most of their cachet was underpinned by their infrastructure business which has become redundant following the demise of cheap debt and unfavourable press. They've also lost out on a string of high profile deals and are losing staff left, right and centre. I think it simply comes down to the fact that Nick Moore has nothing on his predecessor Allan Moss and the market is clearly factoring this into the share price. If you want the top dogs in APAC then it is GS and JPM. GS's defence mandate on the Healthscope bid has done wonders for their reputation with them securing similar defence roles on the BHP / Potash deal, and more recently, KKR's bid for Perpetual.

Oct 17, 2010

Did SA there and signed for FT. Not Infra. In NYC.

The last 2 years, bonuses have been low (think low teens for 1st year analysts) and thus many people have left. Was there this past summer when 5-7 people left the NY office alone. However, it was not a mass exodus, and they replaced those people almost immediately.

The culture is very flat and entrepreneurial, and depending on group, hours/people aren't too bad. Industrials and TMT probably worked the longest hours, ranging from 80-100. Also, Sponsors worked a ton because 3 people left the group and the others had to pick up the slack for ~ summertime as spots were filled. Word is have already re-hired. Product groups worked 65-80, depending on deal flow.

Also, analyst program isn't typical 2-year stint, and promotions can be pretty quick (analyst to assoc after 2-2.5 years on the regular). Only MD in my group had MBA; rest were there through analyst years.

Advisory has been a bumpy transition given the firm's quasi-PE roots, although deal flow - especially in infra and FIG - is pretty jammed. Hopefully fees will follow. Expansion of DCM/LevFin has been noteworthy over the last 6-12 mos. with addition of Steve Mehos from Lehman/BarCap and Kevin Smith from CS.

Bottom line, there have been growing pains for sure, but the mood is upbeat, and with the LevFin platform expanding pretty rapidly, it should be an interesting next few months/years. Agree that staff retention, and bonuses, will be key, so we will see what happens.

Oct 18, 2010

Was known as the 'millionaire's factory', not the 'millionaire's bank'. Advisory business piggy-backed off infrastructure fund business, and also made money managing its own funds (after hiving them out and charging management fees). House of cards.

See http://www.smh.com.au/business/golden-age-is-over-...

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Oct 22, 2010

Can someone please shed light on the various groups in Macquarie? Which ones are good? Specifically information about the PTG (principal transactions group) and PEG (private equity group). Thanks!

Oct 29, 2010

Recent news out on half year performance, bonuses gonna be dismal again this year and next as Macquarie insists on expanding.

Nov 1, 2010

What is starting salary for incoming analysts at Macquarie? Any idea on how bad bonuses have been relative to Street numbers?

Nov 1, 2010
JohnnyFeet:

What is starting salary for incoming analysts at Macquarie? Any idea on how bad bonuses have been relative to Street numbers?

Upper 4 digits to lower teens. It's actually dismal.

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May 13, 2011

any news out on bonuses for this year?

May 13, 2011

Have a friend who works there. Apparently numbers are pretty bad - enough so that they caused him to look and find a job elsewhere. How do they retain talent over there?

Regardless, to the OP's question. I've met some people there through my buddy. They all seemed pretty cool and down to earth. My friend did mention that there have been some "turf wars" that have spawned some internal politics/conflict, but that can be said for any place.

Also, from what I know, they're best known as infrastructure investors and everything else has grown out of that.

May 13, 2011

Shoot me a pm, I might be able to put you on to someone.

May 13, 2011

-

May 13, 2011

u can go to other side and trade those loans ... thats about it - maybe some Nat Rez / Ernrgy PE / VCs

May 13, 2011

Ok, thanks for the comments. Would someone take an analyst position in this group out of undergrad over a traditional IBD position? Any comments on this?

May 13, 2011

i would except big MAC doesn't pay that well

May 13, 2011

^they definitely pay their SAs well though...2k + 70 prorated + overtime

May 13, 2011

Anyone else?

May 13, 2011
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May 13, 2011

Get out, Dizzee Rascal? I loved your work with Calvin on Dance Wiv Me! Surely this is a fake account?

May 13, 2011

Private Capital Markets is focused on doing private placements.

May 13, 2011

Interested in specifics like sector focus, deal flow, culture, etc

May 13, 2011

Think deal flow is OK. A lot recently has been Oil & Gas and Energy stuff I'm pretty sure.

May 13, 2011

if location is Australia that's really good stuff.

May 13, 2011

in the US it's still a perfectly good name. i've never worked there, but i had a couple friends that have, and for some reason i kept hearing how "cheap" Macquarie is. i think they mean in relation to their bonuses vs. other bonuses on the street, as well as their budgets for taking clients out, but im not 100% sure. still a perfectly good name and you'll get good experience.
off the top of my head, if you were to rank them, it'd be below JPM, probably below CS, and maybe on par with Deutsche Bank. i dont know - other people on WSO are much more invested in ranking banks.

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May 13, 2011

I had a buddy who worked there and left after his first year because he didn't like the culture and senior people there.If I remember pay for junior guys was below street, as well. Generally speaking, Macquarie has a good reputation in Australia and is trying to build out the US but would rank much lower than any of the bulge brackets in the US...Much more of a MM shop. There US operations are still not all that developed and could see them pulling out of the states all together if things got bad.

May 13, 2011

Based on things I've heard from a few people:

Great in Australia/Asia. Not bad in the USA. Terrible to work with/for in Canada. No clue about the other regions.

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May 13, 2011

don't know much about them, but I would probably say on the lower end of the middle market firms in the US. but Macquarie is still a solid shop with a brand name that will open doors for you. don't discount an opportunity just because it isn't JPM or Deutsche Bank

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May 13, 2011

Wow, that's nuts. I couldn't imagine working IB hours for just street base. Unless they have an inflated base...

May 13, 2011

absolutely insane...

Get it!

May 13, 2011

Are you fucking serious? screw that. You saved me from applying for IBD there. Hah. Will look into something else now.

May 13, 2011

yeah but their lifestyle is better...

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May 13, 2011

Wait is this actually true?

May 13, 2011

err no that's the dumbest thing i've heard. My friend there got street bonus

May 13, 2011

there is no way Macquarie didn't pay their analysts bonuses since 07. Where did you hear this from?

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May 13, 2011

the shit i read on here sometimes...

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May 13, 2011

Lifestyle is terrible. Bonus ~60k.

May 13, 2011

My buddy worked there and left cuz he got no bonus

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May 13, 2011

friend of mine got street bonus last year.

May 13, 2011

I was a summer intern at Maccap in IBD a few years ago. Generally seems like the culture is much less "toxic" than BBs in that you won't get printers thrown at you etc. However, there's still the same amount of work to be done (if not more at the lowest level because they didn't have a graphics team to format presentations) so analysts get worked just as hard. Analysts are definitely in late at night and at the weekend, but perhaps not as much as you'd expect at a BB.

The interesting thing about Macquarie is that in IBD, industry coverage groups do execution too. So there's no "M&A" group, but you could end up with some good deal experience within your industry sector.

Look at Macquarie's Funds business if you're interested in working for them. Good way to get into Infrastructure PE straight out of undergrad.

Oct 26, 2016

What is distinctive about Macquarie Investment Banking? I have an interview for NYC office in a week! Thank you so much for reading this.

Jul 30, 2017

Probably a late one on this but could some one give me some more insight on Mac Capital's London Infrastructure Team? I have a phone interview with them next week.
I would be nice to get some info on the team's culture, work hours, pay, bonuses etc.

Are they as big in infra as they used to be? Also what are the exit prospect in trying to join a big infra PE from here?

Thanks

May 13, 2011

Not a big player but comps are good. Lots of VIP interns. You leave around 9 most of the time.

May 13, 2011

Thanks henryxub for sharing!

May 13, 2011

Macquarie Capital does pay a signing bonus. The bonuses don't really vary across the teams from what I know because you get bucketed according to your performance relative to other first years in your analyst class. According to previous analysts, Macquarie paid pro-rated street-level bonuses to analysts this past year.

May 13, 2011

signing bonus $10k. First Year Base $70K + bonus $50K. Second Year Base $80K + bonus $70-80K.

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May 13, 2011

signing bonus $10k. First Year Base $70K + bonus $50K. Second Year Base $80K + bonus $70-80K.

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May 13, 2011

Not sure where you've heard of first years getting paid $50k bonus. They got paid $20k last year and $10k the year before that.

May 13, 2011

Not sure where you've heard of first years getting paid $50k bonus. They got paid $20k last year and $10k the year before that.

May 13, 2011

Whats your source on bonuses

I feel everyone says Mac bonuses are horrible based on hearsay

May 13, 2011

PM'd you

May 13, 2011

PM'd you

May 13, 2011

(delete)

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May 13, 2011

barbariansatthegate - What country, US/UK/Down Under?

May 13, 2011

Sorry for the late reply -- was looking for information on the teams in NY. Thanks.

May 13, 2011

bump

Oct 26, 2016

Yes! I have an interview for Macquarie Capital IB NYC office. What specific info can you give on Macquarie IB? Thank you!

Jul 30, 2017

Right now I'm thinking of either Infrastructure or TMET. The way it works is I indicate my preference at the end of training, and from what the people that interviewed me (plus a few other analysts) have told me, 90% of people get their first choice.

Any advice would be very appreciated, thanks.

Jul 30, 2017

Industrials is where you wanna be. Infrastructure is strong abroad but no longer in Sydney where not many more infrastructure deals are to be had.

All recent high profile deals - Qantas/Coles/Boart/Dyno - were run out of the industrial team. Head of industrials, Tim Bishop, is a rising star and seen by many as possibly the next head of IB

Jul 30, 2017

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