Barrenjoey accused of sacking Greens candidate over political views

Top investment bank Barrenjoey suspended a staffer because they were running as a candidate for the Greens in the NSW local government elections, over concerns that working for the left-wing party may not have been “complementary to the work” he was doing at the firm.

Asm Mahbub Morshed, a Greens candidate for the Liverpool Council in the December 2021 election and the group’s fixed income operations technology lead, was initially approved by his direct boss to run as a candidate while working at the investment bank.

However, Morshed claims that months after his approval – and during the lead up to the local council elections where he was unsuccessful in his bid to be elected to council – he was contacted by Barrenjoey’s compliance team and asked to resign as a Greens candidate. He alleges that shortly thereafter he was suspended from his employment and then made redundant in May this year.

Morshed launched a Fair Work claim last month alleging he was unfairly sacked because of his political opinions and amid a disagreement over his request to take parental leave as the primary carer for his child after his wife had also claimed the leave from her employer. Barrenjoey is the only defendant in the case and is yet to file its defence in the matter.

Barrenjoey, which is backed by wealth managers – Magellan and Barclay, was established in 2020 and has quickly grown into Australia’s most powerful investment bank following its poaching of most of its rival UBS’s successful deal makers. It works on some of the biggest corporate transactions in the country, including the sale and acquisition of state assets.

The firm states on its website that it strives “to produce outstanding outcomes for clients with a platform that attracts, liberates and challenges the very best people.” ​

According to Morshed’s claim, Barrenjoey’s internal policies allowed for staff members to conduct political work.

The policy states: “Barrenjoey does not actively participate in political activity, nor do we favour one political party over another. We understand, however, that you might want to show your support in a personal capacity either by being a member of a party, donating money, being involved in a political event or fundraiser, or possibly even becoming a candidate of your preferred party.”

The policy adds: “The potential to hold a position (other than membership) in a political party or any level of government should be discussed with your supervisor or Compliance & Anti-Financial Crime.”