Street Talk understands letters are due at the end of this month and payments will drop into bank accounts a week later.
Street Talk understands Barrenjoey’s dealmakers are the first to eyeball “envelope day” – Wall Street shorthand for when bankers learn their annual windfall. Sources said letters are due at the end of this month and payments are expected to hit bank accounts a week later.
And oh boy, will it rain down for those on Barrenjoey’s chunky deals – French giant Saint-Gobain’s $4.3 billion bid for CSR Limited, NYSE-listed Metals Acquisition Corp’s dual listing and of course, the controversial Guzman y Gomez IPO, where Barrenjoey shared the spotlight with Morgan Stanley. There’s already been a bit of movement across investment banking this year. Most recently Citi head of banking Alex Cartel wasand Goldman Sachs co-head of equities Mario Argyrides left for Jefferies. But bonus season presents a good opportunity for disgruntled bankers to jump to greener pastures. A good example was Barrenjoey’s ‘Bloody Monday’ raid on UBS’ analysts and traders in 2021.
Dealogic data shows the investment bank is in the middle of the pack for overall activity – M&A, ECM and DCM. This year’s gigs include the Adbri defence and assisting Blackmore with the Kirin takeover. Cheers went up as Suncorp’s purchase of ANZ was approved in June. On the ECM side, Barrenjoey led placements for Star Entertainment, Infratil, Metcash and APA Group. Hats off to head of fixed income Duncan Haig whose group got a special call out in the Magellan results.
Barrenjoey staff hold about 45 per cent equity in the business. As such, bonuses are paid in cash ., the payouts were up to 25 per cent lower for managing directors. Sources told Street Talk “flat” is the new “up” for bankers as capital markets fail to spit out chunky deals.has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories.
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