Australian investment bank Macquarie Group has reportedly laid off 70 people in the US, where it has a workforce of over 2,500.
Citing people familiar with the issue, Bloomberg reported that the move impacted employees in New York as well as other cities.
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However, the report did not reveal the units affected by the downsizing exercise.
Macquarie spokesman Stephen Yan did not comment on the matter.
In 2019, the firm axed 100 equity jobs in New York and London.
This March, another Australian lender ANZ announced plans to cut 230 jobs across its private bank and advice business in order to cut costs.
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By GlobalDataThe move was said to be the result of extreme pressure on the banking industry and record-low interest rates.
The adverse effect of the COVID-19 crisis on the economy is also said to have triggered the decision.
Job cuts by other firms in US
Meanwhile, a recent report said that RBS will cut a quarter of its full-time workforce in the US.
The move reportedly affects up to 90 jobs at the bank’s Connecticut head office.
This April, Bloomberg reported that American financial services firm Cantor Fitzgerald will cut hundreds of jobs.
The firm reportedly made the decision fearing a downward trajectory in the economy from the Covid-19 pandemic.
Last December, a report said that US-based investment bank Morgan Stanley unveiled plans to slash around 1,500 jobs.
Citi also reportedly shed hundreds of trading jobs.
The move reportedly affected employees across the bank’s fixed-income and stock-trading operations.
In 2019, a report said that JPMorgan is planning hundreds of job cuts in its asset management arm.
The reductions will impact employees in support roles and some in wealth management, the report said.
Besides, last year, US-based asset manager Legg Mason said that it will cut 120 jobs in a cost-cutting drive.
