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Asia cuts lead to Singapore senior banker resignation

Asia cuts lead to Singapore senior banker resignation

(17 April 2015 – Singapore)  It has been reported that one of Macquarie Group’s most senior bankers in Singapore has decided to leave the company following its recent decision to cut its investment banking operations in Asia.

Sources told Bloomberg, that Yung Chee Leong’s position as head of Singapore investment banking will not be replaced, his responsibilities will instead be handed over to Anupam Garg.

In March, Garg was appointed to head Macquarie’s corporate finance coverage for the Association of Southeast Asian Nations, his appointment needs to be approved by the Monetary Authority of Singapore.

Around the same time, the Group decided to cut up to 90 investment banking jobs in the Asia region, including a number of senior positions, including the heads of mergers, equity capital markets and of natural resources, according to the people.

It is thought Leong handed his resignation in and will leave before the end of May, he joined Macquarie in 2010, becoming head of investment banking and country coverage of Singapore in 2012.

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