Deutsche Bank returns to Aussie market with new exec
(8 August 2013 – Australia) James McMurdo, senior Goldman Sachs executive will take charge of Deutsche Bank’s Australian operation next year.
McMurdo will oversee Deutsche’s franchise, as equity markets are rebounding and investment banking activity is expected to pick up.
The move by London-based McMurdo represents a return to the Australian market, although it comes as Deutsche Bank is attempting to move to a more conservative global footing by paring back the size of its balance sheet.
McMurdo has most recently been a partner at Goldman Sachs based in London running the Wall Street banks’ private equity group for Europe. Before that, he was co-head of investment banking for Goldman’s Australian business.
McMurdo replaces Deutsche’s long serving Australian boss John Macfarlane, who previously flagged his retirement for early 2014.
Deutsche Bank is Europe’s largest investment bank. Last month it reported a drop in profit to €335 million (A$496.7 million) from €666 million in the second quarter of 2012.
The drop came about as it earned fewer fees from financial market trading and absorbed costs related to lawsuits stemming out of the global financial crisis.