Macquarie said to cut 8% of Asian equities division

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.

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

Macquarie Said to Plan Cutting About 30 Equities Jobs in Asia

Italy Bank Non-Performing Loans at Turning Point, Visco Says

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News