Macquarie Bank, the Australian investment group which has made a £1.5bn (€2.2bn) hostile bid for the London Stock Exchange, has hired Citigroup's former head of investment banking in Australia, Alan James, to lead its business expansion and acquisition efforts in US.

The Sydney Morning Herald, citing unnamed sources, reports that James will become chairman of Macquarie's American interests with primary responsibility in utility and energy sectors. James will join Macquarie early next year in the firm's New York office, the paper reports.