Macquarie said to axe around 30 in Asia

Among the casualties as the Australian bank looks to cut costs is Shanghai-based veteran analyst Matthew Smith and head of sales for Asia cash equities Jeffrey Chung.

Some 30 people have been let go at Macquarie as the Australian bank retrenches from the region due to increased competition and lower trading volumes, according to two people familiar with the matter. 

Matthew Smith left the bank this week as a China financials analyst in Shanghai after more than 13 years with the Sydney-based firm, joining a casualty list that stretches across Hong Kong, Japan, and India, the two people said. 

Prior to his role in China, he covered banks, insurance companies, and brokerage firms in Singapore, Malaysia and Taiwan, according to his LinkedIn profile. Smith ...

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