Investment banks in Australia ramp up hiring

Bulge-bracket investment banks in Australia have ramped up hiring to rebuild their depleted teams, after audacious talent raids by boutique rivals in the past year amid record dealmaking activity in the country, bankers and headhunters told Reuters.

Most major banks in Australia, including Wall Street firms, have been scrambling to add bankers since the start of the year as part of a campaign to defend their market share against new aggressive boutiques Barrenjoey Capital and Jarden.

Credit Suisse Morgan Stanley (UBS, and Australia's Macquarie Group have already hired more than 100 bankers in total this year, their representatives said, amid hopes that ultra-low interest rates and a recovery from the COVID-19 pandemic will ensure a strong deals pipeline.

"There's been quite a hiring spree in investment banking and the last year or 18 months has been about as good as it's been in about five or seven years," said Graeme Bricknell, Korn Ferry head of executive search in Australia and New Zealand.