Morgan Stanley CEO James Gorman describes Australians as more direct than most, and such traits have gone a long way for local bankers plying their trade in New York, London and Hong Kong.
Morgan Stanley’s James Gorman is Australia’s most senior banker on Wall Street. He’s known for his straight-talking style. “If you can go into a restaurant in New York City, you can come into the office” he said once about bankers who refused to return during the COVID-19 pandemic.
Some of the country’s brightest banking and finance talent ply their trade overseas. Matthew Koder is Bank of America’s president of global corporate and investment banking in New York, whileis a global chairman at the US bank. Investment banking’s exposure to bright lights and big cities, coupled with Australians’ insatiable appetite for travel has made it one of financial services’ most desirable professions.
“Build a compelling case as to why the move makes sense, do your research ... and [study] the market to see where you can add value.” “I was a fresh face, and I got thrust into one of the biggest LBOs in the history of the market,” he says. “In probably the first four to five months, in New York, I looked at more than two to three years’ worth of deals [that I would have worked on] in Australia.”
Ivan Varughese, a managing director who heads infrastructure and energy for Macquarie in Singapore, says he was “a little naive” when he first moved abroad, but over time his appreciation for the nuances between neighbouring nations grew. “While we may have the capabilities ... to be effective, you must be local. You need to understand the environment.
“It’s about building your network and familiarising yourself with the intricacies of each market. [And] keeping an open mind and approaching the learning curve without biases, especially when it comes to cultural nuances,” Singapore-based Zdun says. “Working abroad, especially early in your career, is a great opportunity.”
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