(15 September 2011 – Global) Macquarie Group closed its Miami office and shut down its Latin America fixed-income business according to Bloomberg News citing an unnamed source.A week ago, Australia’s largest investment bank said its capital markets businesses, including fixed-income, experienced a “difficult” August.
The bank, which started off in 1969 as a unit of British merchant bank Hill Samuel & Co, maintained last week its full-year guidance, saying 2011-12 results should improve on the prior year if conditions were not worse than in 2010-11.
Among those fired was chief emerging-market strategist John Welch, according to the report.
A spokeswoman in New York for Macquarie declined comment, the report said.
Management noted that conditions were ‘particularly uncertain’ at the moment and said the guidance was contingent on the completion of transactions.
In choppy markets, it becomes increasingly difficult to close proposed acquisitions due to corporate boards’ risk aversion.