Monday, 17 May 2021 07:01 AM MYT
“There is a brain gain happening in Australia, we are acquiring additional knowledge and experience,” said Nick Hughes, Australia co-head at UBS. The entry of two boutique firms, Barrenjoey Capital and Jarden, into the fray has fuelled a talent war in the country and pushed up wages by at least 20 per cent, making it a rare bright spot for rainmakers.
Most of the returnees are landing in Sydney from London and New York. Their experience ranges from mid-career to senior bankers and legal and compliance staff. Local banking executives said increased onshore deals activity means banks are able to offer fatter paychecks for returnees used to New York and London salaries.
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