‘Too competitive to be average’: Why Goldies legend CJ is bowing out

The Australian Financial Review2023-03-31

Even at the humble age of 50, Goldman Sachs Australia’s top investment banker Christian Johnston still gets the competitive juices flowing each weekend during summer by throwing himself around the ...

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I guess I’m too competitive to want to be average, and I’ve got too much respect for the job and what clients entrust us to do.”Johnson’s self awareness is both noble and rare. The bank’s local chief executive, Simon Rothery, says this honesty has been a hallmark of Johnston’s 30-year career, the last two decades of which have been spent helping to build Goldman Sachs local franchise.“I was going to say CJ is the most honest investment banker I’ve ever come across, but he’s actually the most honest human being, frankly,” Rothery says. “That’s why he’s such a great adviser to corporates. He just earned the respect of clients because they saw him on deal execution and they trusted him with their most strategic decisions.”Johnston’s succession has been handled particularly well; he moved to the chairman role in September 2020, paving the way for Nick Sims and Zac Fletcher to become co-heads of investment banking, and then served in the broader chairman role for two-and-a-half years.He won’t be lost to Goldman Sachs completely, and will step into the role of advisory director – one of only a handful of such positions the banking giant has around the world – with Johnston will be on hand to provide advice to clients but also to the Goldman Sachs team.Ironically, it’s a deal that didn’t go ahead that Johnston says was his most memorable: BHP’s hostile takeover of Rio Tinto in 2008. BHP, which has long been one of Johnston’s most important clients, would eventually pull out of the bid, but Johnston says the cut-and-thrust was enthralling.“That was such a large deal and such a complex deal, with a really good client that ultimately pulled out of the deal, which was a really brave thing to do. At the time, we were going to win, having had a long, long battle, but ultimately, it was the right thing to do for BHP.”Investment banking is known for its brutally long hours and Johnston says the chance to spend more time with his family during Melbourne’s long lockdowns also helped shape what he says was a very difficult decision.AdvertisementWhile Johnston says investment banking remains a brutal industry, he says COVID proved that there could be more flexibility than has previously been the case. “It’ll take time, but I think that’ll be huge as it relates to diversity for us. That is something that the industry has been bad at.”Still, that thrill of working closely with colleagues on a big deal, even with the long hours that entails, is something Johnston will miss, particularly at what he describes as the best investment bank in the world.“I think I suffer from imposter syndrome and I feel that I’m really lucky that I’ve had this opportunity,” Johnston says. “I’ve hired a lot of really great people in this business, and I’m really glad that it’s in the shape that it’s in.”","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2323055547"}