Industry's worst kept secret
In what is one of the industry’s worst kept secrets, Macquarie Bank is axing jobs.
The market knows, the media knows, and furthermore, it’s no surprise to anyone in the current environment.
But Macquarie Bank itself is the only one to avoid any discussion of the facts, declining to comment on the specifics regarding staff numbers and whether or not it has made job cuts to combat the global market downturn.
It is understood Macquarie has been making significant job cuts offshore in recent weeks, particularly in the US, as well as Asia.
Reports out of New Delhi said up to 30 jobs had been cut in that region, in addition to around 45 in South Korea. The New Delhi cuts are reported to be across investment banking, equities research and sales teams.
More recently it has become apparent that a number of Australian jobs have also been lost. Some media reports put the number of job losses in the Asian region at 10-15 per cent.
However, a Macquarie spokesperson would not put a figure on the number of people employed in Australia.
Despite market and media reports pointing to job cuts, Macquarie Bank is unlikely to comment on staff numbers until at least February next year.
The group makes statements about its employee numbers twice annually, in its annual report and in an interim statement.
In recent months, the bank has announced the sale of its Italian mortgage business as well as the winding back of its Australian mortgage business. At the time, Macquarie chief executive Nicholas Moore admitted there would be an impact on roles in those areas.
A Macquarie spokesperson would only state Macquarie businesses respond to market conditions on a business-by-business, region-by-region basis, and businesses look at staff levels constantly.
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
