Goldman Sachs’ Global Co-Head of Energy Maxwell Said to Depart

Updated on
  • Alastair Maxwell retired from Goldman after six years: memo
  • Sean Rice said to be named as the sole head of global energy

Goldman Sachs Group Inc.’s global co-head for energy investment banking, Alastair Maxwell, has retired from the U.S. lender, according to an internal memo seen by Bloomberg News.

Sean Rice, who was Maxwell’s partner in the role, will continue as the sole head of the business, a person familiar with the matter said, asking not to be identified as the information is private. Rice will continue to report to Gonzalo Garcia and Suhail Sikhtian who are co-heads of the global natural resources group within the investment banking division, the person said.

Maxwell didn’t immediately return a call seeking comment.

Mergers and acquisitions in the oil and gas sector have fallen about 62 percent this year to $61.4 billion, data compiled by Bloomberg show. Royal Dutch Shell Plc’s record acquisition of BG Group Plc was announced more than a year ago, and M&A activity has been largely limited to asset disposals by oil majors seeking to cut costs since.

Goldman Sachs is ranked No. 1 among advisers for all energy-related M&A this year, according to data compiled by Bloomberg. The bank advised Columbia Pipeline Group Inc. on its more than $10 billion acquisition by TransCanada Corp., announced earlier this year.

A number of senior energy bankers in London have switched jobs or left banking for other jobs in the industry as dealmaking in the sector slowed sharply amid a slump in oil prices. Julian Vickers, former global co-head of Barclays Plc’s natural resources group, left the British lender last year to set up his own energy boutique, while James Janoskey left Credit Suisse Group AG last year to join JPMorgan Chase & Co. as head of oil and gas investment banking for Europe, the Middle East and Africa.

Maxwell joined Goldman Sachs in 2010 from Morgan Stanley where he was the head of energy investment banking for EMEA. Goldman Sachs was one of the advisers to BG Group when it was taken over by Shell.