Australia’s Macquarie Group will nearly halve its investment banking staff across Asia amid a slowdown in deal making in the region.
Between 80 to 90 employees in its investment banking unit will lose their jobs across Hong Kong, Singapore, Korea, India and Japan with immediate effect as the bank looks to pull out of less profitable areas of the business, according to a source close to the situation. No offices will shut as a result of the job cuts.
A company spokeswoman declined to comment.
Jeremy Wernert, who was head of Macquarie Capital, the firm’s investment bank in Asia, is among those leaving the...