Goldman in talks to expand Australian business

Australia Fans

Goldman Sachs is in hiring talks with about 10 people as it seeks to expand Australian businesses from trading to capital markets with global banking regulation forcing some competitors to dial back.

Bloomberg reports that Australian fixed-income trading is the firm’s biggest growth area after moving its rates and credit derivatives businesses to Sydney from Hong Kong, said Simon Rothery, chief executive officer for Australia and New Zealand at Goldman. Rothery sees opportunities to arrange debt offerings as competition eases, and also wants to gain the top spot in Australian equity capital markets after naming Sean Walsh to head the unit and adding UBS’s Sarah Rennie and Bank of America Merrill Lynch’s Belinda Sara in the past 1 1/2 years.

'We are strategically hiring', Rothery said February 27th in an interview. 'We’re having conversations with probably 10 people in the market in Australia across key businesses, including an upcoming hire of a credit trader'.

Royal Bank of Scotland and Lloyds Banking Group are among firms that have pulled back from Australian debt markets after losses during the global credit crisis spurred increasing regulation. Neither Toronto-Dominion Bank nor Royal Bank of Canada held the top rank for arranging Kangaroo bonds last year, the first time in almost a decade, according to data compiled by Bloomberg.

To access the complete Bloomberg article hit the link below:

Goldman Sachs Head Hunts in Australia to Meet Fixed-Income Surge 

Banks' Corporate-Bond Sales Said to Face SEC Probe of Favoritism

images: © groundswellzoo, © doggiesrule04

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts