Deutsche Bank Hires Goldman Sachs Banker as Australia CEONarayanan Somasundaram
Deutsche Bank AG hired James McMurdo from Goldman Sachs Group Inc. as chief executive officer for its Australian and New Zealand business to replace John Macfarlane, who retires in early 2014.
McMurdo was most recently a partner at Goldman Sachs in London, where he headed the financial sponsors group for Europe, the Middle East and Africa. He will report to Gunit Chadha and Alan Cloete, co-chief executive officers for the Asia-Pacific region, Deutsche Bank said in an e-mailed statement. McMurdo’s appointment is effective from February.
Deutsche Bank is on course to finish outside the top three for advising on mergers and acquisitions in Australia and New Zealand for a third straight year, ranking ninth in 2013, according to data compiled by Bloomberg. The Frankfurt-based bank is the fifth-biggest arranger of bond deals in Australia, trailing the four largest domestic lenders, the data show.
“James McMurdo is one of the most respected bankers in this key growth market for Deutsche Bank,” Chada said in today’s statement. “He brings great depth of experience to this important role and is best suited to help grow our strong position across all our client businesses.”
Australian M&A volume dropped 31 percent this year from the same period in 2012, data compiled by Bloomberg show, as the fading mining boom sapped the economy and consumer confidence. The government on Aug. 2 cut its growth estimate for the year ending June 2014 to 2.5 percent from 2.75 percent.
Before his stint in London, McMurdo was co-head of investment banking for Goldman Sachs in Australia and New Zealand, Deutsche Bank said in the statement.
Macfarlane, 53, has been executive chairman for Australia and New Zealand since 2007 and chief country officer for Australia since 2011. He said in June that he would step down after 25 years at the bank.
National Australia Bank Ltd., the country’s largest lender by assets, said on July 24 that it hired Craig Drummond, Bank of America Corp.’s Merrill Lynch Australia head, as its group executive for finance and strategy. Drummond will join NAB by the end of the year.