The surest path to political power, at least in Australia and New Zealand, may be to spend most of your working life avoiding it. Preferably at an investment bank.
Since Malcolm Turnbull toppled Tony Abbott in the Liberal Party spill, former executives from Goldman Sachs, Merrill Lynch and Deutsche Bank hold the top three political leadership posts in Australia and New Zealand.
Turnbull, New Zealand Prime Minister John Key and NSW premier Mike Baird together oversee $1.8 trillion of output– with the latter two demonstrating a knack of persuading the public to accept their economic programs. It’s the sort of day-to-day sales pitch any Wall Street dealmaker or investment banker around the world needs to master to get anywhere.
“In banking, you’re saying to clients: here’s this transformative transaction and here’s what it can do for you,” said Alastair Walton, who ran Goldman Sachs’ investment banking business in Australia after Turnbull left the firm in 2001. Bankers know “how to sell change.”
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