Charging hard to become our next home-grown bank
Barrenjoey is one of the newest kids on the Aussie investment bank block, with offices in Sydney, Melbourne and Perth. Backed by Barclays via a 18.2% stake in the firm (and its significant balance sheet), as well as Magellan via a 36.4% ownership stake, B* has made a name for itself in the industry with its recent big mandates and star-studded line-up of investment bankers, previously poached from the likes of industry stalwarts, UBS and JP Morgan.
The culture at Barrenjoey generally one that is young, ambitious and sometimes cutthroat. Given how new the bank is though, the culture is a “living and breathing” thing and is arguably still developing. Despite this, it’s clear that B* want to differentiate themselves from BB in terms of what can sometimes be a toxic work environment, but only time will tell if they are successful.
You won’t need to be worried about the quality of work you will receive at Barrenjoey. The investment bank has proved that it can step into a room with some of the larger BBs and stand its ground. A couple of the larger M&A deals that they’ve been on of recent include Brookfield’s $10 billion bid for AusNet and KKR’s $20 billion bid for Ramsay Health Care.
At Barrenjoey, you can expect to receive remuneration comparable if not more than the big US banks and a wide range of perks, including free dinners and taxis. The firm also hosts high-quality events at prestigious venues, and even forked out a budget of up to $200 per head for its one-year anniversary celebration.
The firm places a strong emphasis on employee development and provides its employees with top-quality training sessions. Employees can request training sessions at any time, and these are typically arranged within a month. This ensures that you will be equipped with the skills and knowledge necessary to excel in your roles and continue to grow within the firm.
Working hours at Barrenjoey vary across the teams. If you are in a busier team like M&A, then you should expect some pretty intense ups and downs. As a newish bank with less precedents and infrastructure, the juniors would expect to pick up a fair bit of slack that comes with being a new player. Other teams can work reasonable hours, such as a certain team that basically logs on at 7:30 am and off at 6 pm, with some flexibility depending on workload.
In a nutshell, Barrenjoey is an ambitious firm that provides its employees with excellent opportunities for growth and development, especially since it is still relatively new in the market. With its commitment to high-quality work and exceptional service, it is no surprise though that the firm has quickly become a major player in the Aus banking industry.