Deutsche Bank’s co-head of corporate finance and infrastructure leader, Bruce MacDiarmid, has resigned to start as chairman of investment banking at Goldman Sachs in Australia and New Zealand.
It is understood he resigned from his investment banking roles on Friday (15 June) morning. There is no exact starting date as yet at Goldmans, but it is understood to be in about three months.
Deutsche Bank’s head of M&A, Alex Cartel, is replacing MacDiarmid and will be co-head of corporate finance for Deutsche Bank in Australia alongside co-head James Roth.
Cartel joined Deutsche Bank in 2000 as an associate. He was promoted to managing director in 2007 and was appointed head of energy, oil & gas in 2010 before being promoted to head of M&A in 2015.
“Alex brings over 20 years of experience providing strategic advice to major Australian and international corporates, often on their largest and most complex transactions,” said Deutsche Bank’s Australia chief executive, Anthony Miller in a statement.
MacDiarmid’s role as chairman of investment banking is a new one for Goldmans in Australia, although the bank has similar positions in other jurisdictions.
A source close to Goldmans said it reflected MacDiarmid’s seniority. While he is known for his infrastructure experience, he will be working across all areas of the investment bank.
Christian Johnston will remain head of investment banking in Australia and NZ.
The move follows news in May that Deutsche Bank’s head of infrastructure, Andrew Martin, was to leave the bank by the end of June in a global shake-up at Deutsche that is seeing around 7,000 staff retrenched.
MacDiarmid joined Deutsche Bank as head of infrastructure and utilities in mid-2014 from Rothschild.
As well as co-leading the investment bank for Australia and NZ, he was still overseeing the resources and infrastructure areas for Asia Pacific.
MacDiarmid has advised on numerous major transactions, including the NSW government on the sale of its electricity transmission and distribution assets.
Deutsche Bank along with RBC Capital Markets was advising the Netflow consortium led by Plenary and Cintra on its bid for 51% of Sydney Motorway Corporation (SMC), which is overseeing the construction of WestConnex. But it is understood Netflow has dropped out of the running for SMC.