Macquarie rightsizes investment bank

Axe In Wood

Reshaping the firm.

Macquarie plans to cut about half of its investment-banking workforce in Asia as CEO Nicholas Moore reshapes the firm, people familiar with the matter said.

Bloomberg News reports that about 80 to 90 jobs would be eliminated in the reductions, one of the people said, asking not to be identified because the decisions are confidential.

Jeremy Wernert, who was named as head of Macquarie Capital for Asia less than a year ago, is leaving and will be replaced by Hajir Naghdy, who runs Middle East investment banking, one of the people said.

'Asian investment banking is very competitive and Macquarie’s move may be reflective of its general strategy', T.S. Lim, an analyst at Bell Potter Securities, said. 'It’s about reducing headcount in Asia and concentrating on successful markets such as Australia and North America. Also it goes with the trend of investing in non-cyclical businesses'.

To access the complete Bloomberg News article hit the link below:

Macquarie Said to Cut Asia Banking Workforce as Deals Fizzle

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