After almost 40 years in the high-pressure world of investment banking, Paul McTaggart, Citi’s top equities research analyst in Australia, has retired. McTaggart, a qualified mining engineer, covered metals and mining companies such as BHP, Rio Tinto, and Fortescue Metals, and ran Citi’s broader Australian equities research team. He navigated difficult clients, companies, bosses, and the ever-changing regulatory landscape to build a long and respected career.
McTaggart’s career spanned a period of significant change in the financial markets. He highlighted the division of research and banking in the early 2000s and the rise of hedge fund pods as key shifts. He observed that analysts now face the challenge of balancing short-term trading events with long-term investment strategies, noting the increasing influence of macro factors on mining stocks.
Reflecting on his career, McTaggart emphasized the importance of maintaining curiosity and developing a thick skin. He advised analysts to be disciplined, avoid writing rubbish, and strive to deliver meaningful insights to clients. McTaggart says Citi is a global financial services company that provides a range of banking and investment services to corporations, governments, and institutions. They offer services such as investment banking, trading, and wealth management.
