The head of UBS in Australia and New Zealand, Matthew Grounds, is leaving the Sw...
) in Australia and New Zealand, Matthew Grounds, is leaving the Swiss bank at the end of the year, a spokeswoman confirmed on Tuesday, possibly ending one of the most storied careers in Australian investment banking.
“This is not a decision that Matthew has taken lightly, but he considers this is the right time given the current strong performance of the business and the opportunities that this will provide for the next generation of leaders,” said an internal memo seen by Reuters and confirmed by the spokeswoman.
From 2014, Grounds’s UBS advised the government on Australia’s biggest privatization sale, the electricity infrastructure of New South Wales state. The deal soured when Oil Search shares fell sharply and Papua New Guinea was forced to sell them at a loss. Authorities in Switzerland and Papua New Guinea are investigating whether the government followed its own borrowing rules in agreeing to the loan.
In 2012, another year when UBS was the country’s top dealmaker, Reuters reported that Grounds pulled off a bonus protection deal to quarantine executives from budgeting cutbacks affecting the rest of the company’s global operations.
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