Australia’s Macquarie Group is planning to axe nearly half of its investment banking jobs in Asia as CEO Nicholas Moore restructures the firm.
According to media report, the group will slash about 80 to 90 jobs. The job cuts will be implemented across Hong Kong, Singapore, Korea, India and Japan, and will exclude Australia.
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The layoffs are the result of a drop in revenue from the advisory and capital markets unit, as well as reflect Moore’s strategy of shifting focus towards stable businesses including leasing, fund management and lending.
Jeremy Wernert, who was appointed head of the group’s investment-banking arm less than a year ago, is also rumoured to leave the group.
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By GlobalData
