ANZ Equities shut down after nine months
(5 September 2012 – Australia) ANZ closed the boutique institutional broker it took over nine months ago, leaving nine jobs at risk.
ANZ Equities, formerly known as Linwar Securities has been a victim of a low flow of corporate deals that have dragged on profits in the brokerage sector this year.
Jobs at ANZ Equities, which specialised in equity raisings for small and medium businesses, had already been whittled by ANZ, with six of 16 analysts cut earlier this year.
The cuts were part of a wave of job losses hitting brokerages, with Merrill Lynch, Bell Potter and Goldman Sachs also shedding staff.
ANZ will attempt to find other jobs for staff hit by the brokerage's closure, with head of cash equities Steve Zilioli to be redeployed within the bank.
The bank bought the 50 percent of Linwar it did not already own from staff in November, reportedly paying less than A$11.5 million. That was the figure ANZ subsidiary E*Trade paid for half of Linwar in 2005.
Jobs at ANZ Equities, which specialised in equity raisings for small and medium businesses, had already been whittled by ANZ, with six of 16 analysts cut earlier this year.
The cuts were part of a wave of job losses hitting brokerages, with Merrill Lynch, Bell Potter and Goldman Sachs also shedding staff.
ANZ will attempt to find other jobs for staff hit by the brokerage's closure, with head of cash equities Steve Zilioli to be redeployed within the bank.
The bank bought the 50 percent of Linwar it did not already own from staff in November, reportedly paying less than A$11.5 million. That was the figure ANZ subsidiary E*Trade paid for half of Linwar in 2005.
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