Goldman Goes West Down Under

The Australian investment banking community is getting a little bigger.

Goldman Sachs will open an office in Perth, Australia, on August 1, according to Deal Journal Australia. It will be run by Peter Watson, who joins Goldman after nine years with Australian bank Macquarie Capital.

"Perth is a critical business and financial center in Australia and is a key center for the natural resources sector and contributes to a significant amount of M&A and financing activity," according to an internal Goldman memo obtained by Deal Journal. "To date we have covered our Perth client base from the Australian east coast, but we believe a permanent Perth presence is critical to allow us to better serve our clients in this market."

Investment bankers, equity salespeople, researchers and private wealth managers will work in the Perth office.

Not to be outdone, Deutsche Bank will also set up shop in Perth "in the months to come." UBS and Macquarie already have offices based in Perth, The Australian reports.

Australia's resources and energy sectors are attracting banks. Metals, mining, oil and gas industries have comprised 75% of M&A targets this year, according to Thomson Reuters.

Preparing for Layoffs (Fortune)

Citigroup Chief Financial Officer John Gerspach said if things don't get better, layoffs will go down in the investment bank. Some, however, say cuts have already begun.

Stepping Up (Business Wire via Yahoo)

James Frawley is joining Macquarie as U.S. head of mergers and acquisitions. He joins from FBR & Co., where he was head of M&A and head of the New York investment banking office.

Smart Incentives (Bloomberg)

When Warren Buffett pays his two deputies, he bases some of their pay on the other's performance. That way, they're sure to collaborate. Good thinking, Buffett.

Man on the Ground (Financial News)

Goldman Sachs banker Luigi Rizzo is having a good quarter indeed. The financial institutions group banker is involved in some of Europe's hottest deals.

Getting In (Mergers & Inquisitions)

If you want to get into asset management, you'll have to be more proactive on campus than your aspiring i-banker peers. Many firms don't come to recruit.

In Memoriam (WSJ)

Barton Biggs, the former Morgan Stanley global market strategist, died Saturday at age 79. Briggs is also known for his book "Hedgehogging."

Buzz Around the Office

#BearForMayor (Twitter)

A 400-pound black bear who has made repeated, unwanted visits to the town of Glendale, Calif., has earned himself a nickname, political campaign and 24,000 Twitter followers.

List of the Day: Keeping a Cool Head

Great job – your boss loves you. But your colleagues don't because of it. Here's how to prevent it from going to your head.

1. Include your colleagues to make them feel wanted.

2. Don't get complacent.

3. Continue to reach for stretch assignments.

(Source: The Daily Muse)