Due to execution of various talent raids by boutique adversaries in 2020, bulge-bracket investment banks in Australia have escalated their hiring processes. This is being done to rebuild their depleted teams and recruit fresh and improved talent. Wall Street firms, one of the major banks in Australia, is clambering to recruit bankers since the beginning of this year to defend market shares against new aggressive boutiques Barrenjoey Capital and Jarden. 

In 2021, 100 bankers have been hired by Credit Suisse (CSGN.S), Morgan Stanley (MS.N), UBS (UBSG.S), and Australia's Macquarie Group (MQG.AX) in the hopes to ensure a strong deals pipeline facilitated by ultra-low interest rates and a recovery from the COVID-19 pandemic. Graeme Bricknell, Korn Ferry head of executive search in Australia and New Zealand admitted that there is a noticeable rise in the investment banking hirings and the last 18 months have been as good as in the last 5-7 years especially if seen in comparison from the last two years.

The Refinitiv data cites Australia's deal boom and a spike in investment banking fees - to a three-year high of $1.2 billion in 2021 as the reasons behind the hiring rush among banks and start-up firms aiming for a juicier share of lucrative mandates.

Conclusion of $108.7 billion in M&A deals in 2021 which is a high record in itself and quadrupled in comparison to the year-earlier level has put Australia second-biggest market in the region after China.

52 staff have been hired by Credit Suisse in the first half of 2021 recruited across each of its businesses in Australia, which includes equity and debt underwriting and M&A advisory. 30 staff have been welcomed in UBS (UBSG.S) across investment banking, equities sales and trading and research in the past six months. It is one of the main targets of Barrenjoey’s talent raid.

To leverage the increased competition for staff across the industry, Morgan Stanley (MS.N) has given jobs to 20 bankers in the past year. Achieving the glory of being the largest investment banking team in Australia with over 200 bankers, Macquarie has hired 14 investment bankers since January, 2021.

JPMorgan (JPM.N) added 10 newcomers in the investment banking, equities and research departments this year.

Citigroup (C.N) included 4 fresh talents in banking and capital markets business and added another four to its markets and securities division since June.

After a gruesome talent war against its global foes, Barrenjoey and Jarden have 275 and 115 staff in Australia, respectively.