If you’re thinking about breaking into investment banking in Australia, you’ll have several firms to choose from. The top IB firms range from American names like Goldman Sachs to homegrown legends like Macquarie, plus the Big Four banks who are strong in debt capital markets (DCM).
These firms typically have strong deal flow quarter after quarter, rank high in Australia league tables, and generate the most total IB revenue. However, each firm is unique with strengths and weaknesses that can determine whether it’s a perfect fit for you or not. Read on to discover the top firms and learn how to choose the right one for you.
Investment banks support Australia’s economy in a big way. They act as a bridge between companies (and governments) that need money, and investors looking to put their capital to work. By doing this, they help drive business growth, fund government projects, and connect Australia to global financial markets.
Here are the main investment banking services that allow IB firms to serve the intermediary role:
The top investment banking firms to work for in Australia are the bulge brackets like Goldman Sachs, JP Morgan, UBS, Barclays, BofA, Citi, and Morgan Stanley. Large domestic investment banks such as Macquarie are also top tier, followed by other players like Barrenjoey and RBC capital. Australia’s Big Four banks (ANZ, Commonwealth, NAB, and Westpac) also have IB operations, especially in DCM.
While all these firms are prestigious, they are not made equal. Below is an overview of each.
If you want to start your investment banking career with a brand that opens doors worldwide and a workplace focused on culture as much as performance, Goldman Sachs is hard to beat. The firm consistently ranks in the top 10 for M&A deals and equity capital market underwriting in Australia IB league tables. In early 2025, Goldman Sachs was the top fee earner in IB, showing their consistent deal-making power.
👉 Goldman Sachs Interview Guide
JP Morgan Australia doesn’t always make it on the top 10 firms in terms of overall IB fees but they crush it in equity capital markets. The firm consistently does well in this area. For instance, they were the top bookrunner for ECM deals in Q1 2025. This makes it a good place for anyone wanting to work in an investment bank with strong deal flow in stock offerings, IPOs, and equity deals.
Another Wall Street giant with a serious Australian presence is Morgan Stanley. It often ranks high in total IB fees which is evident in its #2 position in Q1 2025 and #1 rank in Q1 2024. They offer comprehensive investment banking services, but their deal flow is especially strong in M&A advisory and equity capital markets. In the M&A area, Morgan Stanley Australia excels at both domestic and international transactions, think acquisitions, mergers, joint ventures, and corporate restructurings.
👉 Morgan Stanley Interview Guide
If you want to be where the action is in M&A and debt deals in Australia, UBS is a top pick. The firm frequently takes the top spot in Australian IB league tables for financial advisory work, especially on landmark, announced transactions. In most quarters, UBS Australia leads the M&A sector with over 14% market share.
UBS has also been a lead manager on multiple large fixed-rate and floating-rate note deals for Australian and international issuers, including government agencies and supranational organizations. Examples include deals for:
If debt markets interest you, Barclays Australia might be the place to be. The bank has recently dominated Australian bond underwriting, capturing a leading share of the market and regularly topping league tables as a bookrunner in debt capital markets (DCM). Barclays also ranks well, often in the top 10, for M&A in league tables. Like with most investment banks, Barclays offers internships and graduate programs which is how most analysts secure a spot in the firm.
Citi is another top investment bank with strong deal flow in debt capital markets, often advising on some of the year’s biggest takeovers and bids. They’re a major advisor on headline deals in Australia and New Zealand including:
Also, Citi raised US$9 billion for Australian and New Zealand issuers in offshore markets during Q1 2025 alone. That included the largest Australian bank US dollar trade since 2022, a perfect example of why their debt capital markets business is so strong. To get and nurture top talent, Citi Australia runs robust talent development programs, including summer internships and women’s scholarship initiatives in corporate advisory.
BofA has been in Australia since 1964 and ranks well in debt capital markets quarter after quarter. They offer a comprehensive range of IB services from their Sydney headquarters. Besides investment banking, the firm offers services in global markets, corporate banking, and advisory services.
👉 Bank of America Interview Guide
While global investment banks dominate many league tables, Australia is also home to a strong lineup of domestic banks and rising boutique firms. These institutions play a critical role in the local market, offering competitive deal flow, deep client relationships, and often a more localized, collaborative work culture.
Australia and New Zealand Banking Group Limited (ANZ) is one of the Big Four banks in Australia, alongside Commonwealth, NAB, and Westpac. It’s also the country’s second-largest bank by assets. Headquartered in Melbourne, ANZ operates extensively across Australia, New Zealand, Asia, the Pacific, Europe, America, and the Middle East.
However, it’s not a pure investment bank. Instead, ANZ investment bank operates as a subsidiary of ANZ Banking Group Limited to offer various services, including M&A advisory, structured finance, capital raising, and other capital market services. It mostly ranks well in the debt capital markets and total IB fees, often taking a top 10 position.
Barrenjoey was launched in 2020 by former UBS Australia executives with backing from Magellan Financial Group and Barclays. Although it's relatively new in the market, Barrenjoey has been involved in several high-profile deals in collaboration with Barclays. Some good examples are the A$18 billion take-private of AusNet and acquisitions involving Brookfield and Seven Group. It’s now one of the fastest-growing independent banks in the country.
The Commonwealth Bank of Australia (CBA) is the largest Australian listed company and one of the country’s Big Four banks. While it's not a pure play investment bank, CBA regularly ranks near the top in debt capital markets. Like with the other Big Four banks, you may not get exposure to other types of deals like M&A advisory when working here.
Founded in Sydney in 1969, Macquarie is Australia's largest investment bank. Specifically, they’re Australia's top-ranked M&A adviser and the world's largest infrastructure asset manager, overseeing over A$941 billion in assets under management.
This makes Macquarie Capital the right firm for someone wanting exposure to the M&A division or interested in working on deals like airports, toll roads, renewable energy projects, and major infrastructure developments.
Another case of a large domestic bank with a strong investment banking arm is National Australia Bank (NAB). The firm offers IB services primarily through its Corporate & Institutional Banking (C&IB) division, which serves corporate, institutional, and government clients in Australia and New Zealand. In the country’s league tables, NAB ranks high in total IB fees and DCM activity.
As part of the Royal Bank of Canada network, RBC Capital Markets brings international expertise to the Australian market while maintaining a strong local presence. They're actively involved across all major sectors, including energy, mining, infrastructure, tech, and healthcare.
RBC Capital Markets runs internship and graduate programs in Sydney to attract and develop local talent in the investment banking field. Students and graduates get an opportunity to join their mergers and acquisitions (M&A), equity capital markets (ECM), debt capital markets (DCM), and loan syndication IB groups.
Westpac is another big four bank that, while not a pure investment bank, offers advisory and capital markets services to institutional clients. The bank’s Institutional Banking and Markets division is active in debt issuance, syndication, and M&A advisory, often for large corporates and government entities.
The bank has a strong credit rating and reputation for stability that make it a solid choice for students interested in capital markets, lending, and risk management, with the security and scale of a major Australian institution. In some quarters, like Q1 2024, Westpac leads the league tables in DCM activity which reinforces their strong deal flow in that division.
👉 Curious how Australian firms compare globally? Check out our arcticle on the top investment banks in the world for more information.
As you’ve seen in the list above, each investment bank in Australia has its sweet spot. Goldman is ideal for prestige, JP Morgan for ECM, UBS and Macquarie for M&A, Barclays for DCM growth, and so on. This means to find the right firm, you must study different types of deals and observe what type excites you most. Then you can look at the top bank’s transaction history on official websites and Australia IB league tables to see which ones have more deal flow in that area.
Other considerations that can help you find the right investment bank to work for include:
The “right” IB firm is different for everyone. Finding the perfect fit for you requires knowing yourself including long-term career plans, doing research, and talking to people. You can start with the top investment banking firms that dominate the market like Goldman Sachs, JP Morgan, UBS, Barclays, BofA, Citi, Morgan Stanley, and Macquarie. Others to consider include Barrenjoey, RBC capital, and Australia’s Big Four banks.
👉 Want to know how much you can earn in Australian investment banking? Check out our full guide on Australian investment banking salaries to find out more.
