Macquarie Reportedly Cutting Banking Jobs in Asia

Australia’s No. 1 investment bank, Macquarie Group Ltd, reportedly announced plans to cut about 50 percent of its total investment banking jobs in Asia, sources said.

A Bloomberg report said Macquarie Group also announced the exit of its advisory and capital markets units head, Jeremy Wernert, as soon as possible for a still undisclosed reason.

Wernert assumed the position of head of Macquarie, the group’s investment-banking unit, less than a year ago. He is reportedly leaving the bank immediately.

Sources said Macquarie will cut about 80 to 90 jobs at its investment banking businesses in Asia, affecting employees in Hong Kong, Singapore, Korea, India and Japan.

The job cuts will not include Australia.

Macquarie has not issued an official statement about the job cuts and the departure of Wernert as of this posting.

Macquarie Group Limited is a global investment banking and diversified financial services group, providing banking, financial advisory and investment and funds management services to institutional, corporate and retail clients and counterparties around the world.

Headquartered in Sydney, Macquarie is the largest Australian investment bank and the top ranked mergers and acquisitions advisor in Australia.

Macquarie is listed in Australia (ASX:MQG) and is regulated by APRA, the Australian banking regulator, as the owner of Macquarie Bank Limited, an authorised deposit taker. –