Investment bank Macquarie plans to cut about 30 jobs at its equities division in Asia after a slump in trading volumes that prompted other firms to pare back, a person familiar with the matter said.
Bloomberg News reports that the bank started informing staff last Friday of the planned reductions, which would represent about 8% of the division’s workforce, the person said, asking not to be identified because the matter isn’t public. The cuts would be in Hong Kong, Japan and India, the person said.
Jeffrey Chung, the head of sales for Asia cash equities, is among those leaving, two people familiar said.
Macquarie has hired 32 people in Asia since January, with 15 of them in Hong Kong and 10 in Japan, one of the people said.
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