But despite the expectations of bulging hip pockets, the shower of dollar bills will not be anything like the pre-GFC windfalls that had mid-career bankers make early exits from their jobs, flush with cash.
One banker is thinking in the range of a 10 per cent bonus. Promotions are also far from guaranteed, despite the boom. With positions vulnerable when the cycle turns, all banks will be wary of taking too many people up the ladder.
Investment banks are making a motza from the M&A and capital markets deals boom, but bosses are trying to keep a lid on expectations for the coming promotions and bonus season.
Blackstone has hired Macquarie Group dealmaker Michael Blickstead as a senior managing director in its Sydney office, in a clear sign it wants to ramp up activity in Australia.
It’s been a big few years for fund manager BMYG Financial Group, having gone from $15 million in funds under management in late 2016 to $500 million now.