(7 April 2015 – Australia) Macquarie Group is planning to slash half its investment-banking jobs in Asia after the Easter break.
Staff cuts are expected to affect employees in Hong Kong, Singapore, Korea, India and Japan.
People familiar with the matter told Bloomberg that the Group will also announce the departure of the head of its advisory and capital markets unit, Jeremy Wernert, who was named head of the division less than a year ago.
Macquarie Group chief executive Nicholas Moore’s strategy is to shift the company towards stable businesses such as leasing, fund management and lending to rely less on trading and advisory.
It was estimated around 80 to 90 jobs would be eliminated in the latest round of reductions, following a reduction in revenue from the advisory and capital markets division.