Staff departures continue at Goldman Sachs

Sarah Rennie was appointed head of equity capital markets in 2016 at Goldman’s. Picture: AP

Goldman Sachs’ head of equity capital markets in Australia Sarah Rennie has left the US-based bank, say sources.

It comes after she was appointed head of equity capital markets in 2016 at Goldman’s.

She joined the bank in 2013 as a managing director from UBS, where she was also a managing director and worked at the Swiss bank for five years.

Ms Rennie worked at Deutsche Bank during 2005 and 2006.

The veteran investment banker is highly regarded in the equity capital markets arena and her departure comes after senior Goldman’s investment banker Sean Walsh, who was co-head of the bank’s financing group for Australia and New Zealand, left last year.

The departure is the latest involving high profile names leaving their positions, with John Spencer from the UBS equity capital markets team leaving.

His boss, UBS equities operative Robbie Vanderzeil, also left in March.

It is understood Ms Rennie, Mr Vanderzeil and Mr Spencer are teaming up for a new venture, according to market sources.

The departure of Mr Vanderzeil follows the exit of UBS Australia country head Matthew Grounds and senior banker Guy Fowler, with suggestions the pair are expected to set up an advisory firm of their own.

Mr Vanderzeil led hedge fund sales through the M&A boom of the mid 2000s and transferred to global banking as the head of capital markets before returning to Australia as head of equities.

In 2014, he transitioned back to global banking as chairman of capital markets, a position that he has maintained over the past six years.

As well as staff departures, other challenges currently exist for UBS.

The bank is currently looking into how reports of a sexual harassment claim made against a male executive in the Australia team at UBS were leaked.