Deutsche Bank has named a new chief executive for Australia and New Zealand after John Macfarlane announced that he is retiring in early 2014.

Macfarlane retires after 25 years at the bank and will be replaced by

James McMurdo, who steps in officially in February 2014. McMurdo was most recently a partner at Goldman Sachs in London and head of its Financial Sponsors group for Europe, the Middle East and Africa. Prior to that, he served as co-head of investment banking for Goldman Sachs in Australia and New Zealand.

In his new role, he reports to Gunit Chadha and Alan Cloete, co-chief executives for Asia-Pacific and members of Deutsche Bank's group executive committee. 

Deutsche Bank's Australia and New Zealand business covers investment banking, private wealth management, debt sales and trading, equities, asset management and global transaction banking.