Merging several industry groups in its investment banking division, but still on the look-out for the right talent.
Australia's Macquarie Group shed close to 15% of its U.S. investment banking workforce this month to replenish its ranks with star performers in North America, according to people familiar with the matter.
Reuters reports that the action comes as other international banks reconsider their U.S. investment banking strategy. Earlier this week, Nomura, for example, laid off more than two-thirds of the bankers working at its leveraged buyouts group.
Like Nomura, Macquarie has focused in the last few years on advising on and financing private equity deals, as a way to gain investment banking market share with corporate America. But most of the layoffs at Macquarie, which were announced internally earlier this month, targeted industry coverage rather than leveraged buyout bankers.
The job cuts came as Macquarie merged several industry groups in its investment banking division, the people said on Wednesday.
Macquarie is also looking to hire investment bankers with strong sector expertise who have carved out niches for themselves, the people said.
To access the complete Reuters article hit the link below: