Boomer bankers hit the beach

Australian banking executives are retiring in their droves, creating opportunities for younger bankers to fill their shoes.

Macquarie Bank, for instance, has lost a clutch of senior types in recent months, including its deputy chairman, its executive chairman and its treasurer.

Their exit was partly down to restructuring and partly down to a government decision to remove the limits on superannuation deposits this financial year ñ making now a good time to pay into a pension pot.

Some of the Macquarie Bank retirees will undoubtedly return as contractors, but many will make for the beach and golf course. And recruiters say younger Turks will often be able to replace them.

ìThis is an opportunity for the changing of the guard,î Ben Cass at Link Recruitment in Melbourne tells eFinancialCareers.

îThere will be promotions, hires and poaching. Macquarie Bank knew well in advance of these retirements and would have had succession plans, which is healthy for morale and keeps juniors focused and optimistic,î adds Edmund Gill at rival recruitment firm Hays.

But just because someone leaves, donít take it for granted that youíll take their place. Victoria Biggs, a consultant at search firm Jon Michel, says mere team members are often replaced by outside hires. But, she says, ìIf a team leader leaves, the next person down will be promoted, and a junior brought in at the bottom.î