From Perth to Vice Chairman: Steve Rathbone on Grit, Growth & Leading Through the New Normal

Steve Rathbone did just that when he moved from Australia to New York in 2005. Armed only with ambition and a willingness to embrace adversity. Twenty years later, he’s Vice Chairman and Managing Director at Stout, leading complex M&A deals and mentoring bankers across the firm.

In this interview, Steve opens up about the defining moments that shaped his leadership style, his approach to business development, and how he prepares bankers to succeed in today’s volatile environment.

Make Bold Moves Early and Learn Through Adversity

After beginning his career in real estate and business sales in Perth, Steve made a leap of faith: he moved to New York with no job and a dream of breaking into M&A. That decision laid the foundation for his entire philosophy on growth.

“You grow by taking on risk, even when it’s terrifying.”

During the Global Financial Crisis, deal-making paused, but Steve saw an opportunity: he used that time to build relationships, refine his craft, and invest in personal growth. Those seeds paid off in the years that followed.

Leadership is Selfless and Deeply Human

Now a senior leader at Stout, Steve defines leadership as a selfless act. His goal? Help others close the gap between where they are and where they want to be.

He believes in a holistic approach that connects personal and professional growth.

“You can’t reach your potential unless your personal and professional life are in cadence.”

Steve mentors with that mindset, investing time in helping bankers build their foundation and pushing them to pursue balance, not burnout.

The Market Has Changed, So Must We

Steve believes that waiting for a return to “normal” is a waste of time. Since 2020, volatility has become the norm: rising interest rates, geopolitical shocks, and unpredictable deal cycles.

“The hardest iron is forged in the hardest fires.”

Bankers must hone their execution skills and embrace uncertainty as the environment that builds real capability. He encourages younger professionals to lean into the challenge, just as he did during the GFC.

Business Development Is a Daily Habit, Not a Job Title

For Steve, business development isn’t something that waits until you become a Managing Director; it’s a mindset. Execution shouldn’t overshadow it.

He advises professionals at all levels to treat BD as a consistent habit:

• Stay in touch with your network

• Share insights and success stories

• Add value to your circle every single week

“Never be shy or embarrassed to market your success. That’s how the flywheel starts.”

Even junior bankers should get involved, whether it’s building target lists, joining BD meetings, or tracking outreach. It builds the muscle that creates long-term success.

Mindset, Habits, and the Long Game

Steve’s life is built around simple, high-impact habits: Daily movement. Quality rest. Intentional reading. Staying sharp on global trends.

He approaches growth as a discipline and sees time as his most precious asset.

When asked what advice he’d give his younger self?

“Be patient. Play to your strengths. Forget the failures and keep coming again.”

In investment banking, failure is common. But quitting? That’s the only way to lose.

Final Takeaways

Steve Rathbone’s journey from real estate in Australia to the Vice Chair at a top U.S. investment bank isn’t just a story of career progression. It’s a blueprint for building long-term success in a volatile, high-pressure industry.

His message is clear:

• Take bold steps early

• Stay grounded in your values

• Invest consistently in others

• And most of all, never stop building yourself or your network!

Whether you’re navigating the early stages of your career or leading complex transactions at the top, the habits you build today and how you show up for your team will define your legacy.

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