Secret job losses in Asian branches
(15 February 2012 – Asia) Investment bankers have been sacked from Macquarie Group Asian offices according to confidential sources.
The sources, who could not be named said the Group had cut about 10 percent of its investment banking workforce, mainly cutting vice presidents and some junior positions.
Macquarie will maintain an investment banking presence in 14 Asian countries.
Bank of America and Nomura Holdings have also fired investment bankers in Asia as Europe's lingering credit crisis made companies reluctant to spend on acquisitions and unable to sell shares on stock markets.
Operating income at Macquarie Capital, the unit that includes mergers advisory and equity and debt capital markets, may drop 35 percent in the six months through 31 March from a year earlier, Macquarie said last week. The division has been "severely impacted by macroeconomic conditions," according to the statement.
Macquarie will maintain an investment banking presence in 14 Asian countries.
Bank of America and Nomura Holdings have also fired investment bankers in Asia as Europe's lingering credit crisis made companies reluctant to spend on acquisitions and unable to sell shares on stock markets.
Operating income at Macquarie Capital, the unit that includes mergers advisory and equity and debt capital markets, may drop 35 percent in the six months through 31 March from a year earlier, Macquarie said last week. The division has been "severely impacted by macroeconomic conditions," according to the statement.
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