Demand/supply dynamics for Australian investment bankers have turned on their head, promising a quieter-than-usual annual poaching season in the weeks ahead.
While plenty of bankers are feeling unhappy with this year’s bonus, they’ll likely have to wait until for boom times to return to do anything about it.
Recruiters reckon they have resumes flying around the market like confetti, but few investment banks are biting. Newcomers Barrenjoey and Jarden, having helped drive up salaries across the street, are full, while the big global banks either re-stocked or missed the boat to hire. So as smaller-than-hoped-for bonuses hit bank accounts in coming weeks, disgruntled bankers can either sit tight or think about jobs outside of the industry. Shopping a CV around is unlikely to be fruitful.
The jobs market conditions are a stark contrast to this time last year, when revenue was stronger and local bank bosses sweetened payments to thwart off poachers. The switching was even more frantic two years ago.While stable teams are good news for investment bank bosses, they’re also dealing with pressure from head offices to re-think local budgets and headcounts in light of dealmaking conditions and revenue forecasts. It promises to be another interesting year for the banks.
It is understood Bank of America’s local chargers were notified of their bonuses on Wednesday, which was about one week later than their counterparts at
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