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Macquarie cuts 30 jobs in i-bank, research teams

Views 2 Views    Comments 0 Comments    Share Share    Posted 01-12-2008  
NEW DELHI(1 Dec 2008):Australian financial and investment services company, Macquarie, has retrenched 25-30 employees last week. A search firm executive familiar with the development told ET that most of them are from the bank’s investment banking (i-banking) and equities research and sales team.

While employees in the i-banking team were informed early last week, those in the equities and research team got the news a few days ago. Although, those issued notices are mid-level managers, some senior executives may also face the axe, the executive said. “The infrastructure desk is also likely to go,’’ he added.

A Macquarie representative from Hong Kong said via e-mail: “We do not comment on market rumours.” Macquarie employs more than 180 people in India.

Last week, an international news report had said the Australian bank was looking to cut at least 10-15% jobs in Asia, adding that it had already cut 45 jobs in South Korea. Also, when the bank’s chief executive Nicholas Moore was asked about the possible job losses at the group’s results briefing in Sydney, on November 18, he said there was no overall figure for job cuts across the group and it was up to individual divisions to manage staff levels depending on market conditions. The group has more than 13,500 staff around the world.

The founder of Mumbai-based search firm Talent Trackers, Shekhar Vaishnav says that job loss in the financial services sector is not over yet.

“The actual number of layoffs in the financial services industry are much more than reported in the media. The situation will worsen in the next few months.” He added that instead of losing jobs, I-bankers should approach their respective firms with pay-cut proposals and stay afloat in such bad times.

aIn India, Macquarie started operations in 2005 and provides specialist investment, advisory and financial services. It also holds memberships of the National Stock Exchange and the Bombay Stock Exchange. In July 2004, Macquarie acquired ING’s Asian equity businesses involving sales trading, execution, research and facilitation trading. The restructured businesses operates as Macquarie Securities in 11 locations within Asia.

Macquarie has reported a first-half profit of $393 million, nearly 43% down than a year ago. According to news reports, it has slashed employee costs nearly by half in the April-September term, largely by cutting bonuses.

Source:
http://economictimes.indiatimes.com/News/News_By_Industry/Jobs/Macquarie_cuts_30
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