Managing director promotions were spilling out of UBS’s Australian offices on Tuesday, as bankers had their annual compensation chats and staff were notified about promotions.
It was a big day at Chifley Tower in Sydney, as UBS bankers were briefed on their annual bonuses and promotions.It is understood UBS promoted four operatives to its managing director class - the top operating rank inside the group - including three in investment banking and one working for head office.
The banker promotions included co-head of financial institutions group Katie Klosterman, head of Melbourne and co-head of Australasia MA Jon Mant, and David Raftis, who heads up coverage of local consumer products and retail clients.Four new MDs is a hefty round of promotions, and the most that have crossed Street Talk’s desk this year.The other local banking teams have had one or two, at most, reflecting the mood in investment banking globally.
MD promotion day is a big day in the life of any investment banker that makes it that far. Up-and-comers bemoan that it seems to get harder to be promoted to MD each year - particularly when compared to the heady days pre-financial crisis or the big fee earning years soon after - as the industry comes under pressure.
co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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