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When Annabelle Mooney announced she was leaving PwC for investment banking giant JP Morgan in early August, her employer was understandably disappointed. After three months, Mooney stole three of her former employees, leaving some of the Big Four partners furious.
Mooney, 38, spent eight years in investment banking, including at Goldman Sachs and Merrill Lynch, before joining PwC. in 2017. At a Big Four firm, she was given a mandate to establish and develop a newly formed Private Equity M&A firm.
The law graduate previously spent about 24 months at the firm returning consulting firm invested heavily in building the practice.
PwC’s partners were understandably disappointed, Mooney told The Australian Financial Review (AFR), but after a series of discussions they accepted the loss given that it would open up commercial opportunities to work with the dealer at JP Morgan. Similar to M&A lawyers, investment bankers can be important conduits of M&A work to consultants.
However, after she poached three of her former team members to join her team at JP Morgan, some PwC partners were upset. Alli Peacock previously worked for PwC for six years and is now an associate director at JP Morgan, as is Virginia Maikim, who served PwC for five years. Katie Tabb just joined the big four and is now a bank vice president.
It is clear that “they did not want us to go, but if we wanted to go, they supported it. I’m sure they’d rather have us here than at one of the other big four,” Mooney said of the team’s elimination.
At JP Morgan, Mooney heads a new mid-cap banking unit that sells loans and cash management accounts. Her team, which also includes Georgie Farrell and Raymond Goh, currently focuses on mid-sized clients in the consumer goods, healthcare and technology sectors.
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