South African banking giant Investec has winded up its resources arm in Australia, jettisoning around 20 staff from the Sydney office, the Wall Street Journal reported.
Investec’s resources coverage included investment banking, equity capital markets, securities and structured products.
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"Investec Australia continues to focus on the core strengths of its operations, with an ongoing commitment to provide specialist client services in Australia," the journal quoted Investec Australia’s acting chief executive Ciaran Whelan as saying.
"Resources will be strengthened in core business areas such as private banking, professional finance and the financial needs of high-net-worth clients, corporate advisory and lending, asset leasing and property funds," Whelan added.
The decision was prompted by steep decline in the country’s mining investment in the last one year.
According to Dealogic, equity capital markets activity in the Australian mining sector has fallen by 59% from this time last year, with just US$880 million raised from 121 deals.
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