Macquarie to cut Asia banking jobs as deals fizzle

About 80 to 90 jobs would be eliminated at the investment bank

Macquarie Group plans to cut about half of its investment banking jobs in Asia and announce the departure of the head of its advisory and capital markets units as soon as Tuesday, Bloomberg reported citing people familiar with the matter.

About 80 to 90 jobs would be eliminated at Australia's No.1 investment bank, one of the people told Bloomberg. It said Jeremy Wernert, who less than a year ago was named head of Macquarie Capital, the group's investment-banking unit, is leaving.

Spokeswomen at Macquarie's Sydney offices were not immediately reachable for comment on the report.

The reductions follow a drop in revenue from the advisory and capital markets division amid a slump in deals, Bloomberg said.

 

The cuts will be described to employees on Tuesday and occur across Hong Kong, Singapore, Korea, India and Japan while excluding Australia, one of the source told Bloomberg. Some affected staff in Japan have been told since the end of last week to leave.