Macquarie to cut jobs as it ends Asia-structured products issues1 min read . Updated: 16 Jun 2014, 06:32 PM IST
Move came after ABN Amro Bank said it would cut about 100 jobs as it exits equity derivatives and shuts its Asian markets business
Hong Kong: Macquarie Group Ltd, Australia’s biggest investment bank, stopped issuing structured products out of Asia as of 13 June and will cut jobs from its structured products team, people familiar with the matter said.
The Sydney-based investment bank will continue to offer warrants, convertible bonds and equity finance products in Asia, one of the people said. Macquarie, in an e-mailed response, declined to comment on the matter on Monday.
The move came after ABN Amro Bank NV, the Dutch state-owned bank, said it would cut about 100 jobs as it exits equity derivatives and shuts its Asian markets business.
Executives overseeing rates and foreign-exchange structuring operations in Asia at Barclays Plc and those heading global and Asia equity derivatives distribution and sales at Morgan Stanley left the banks earlier this month.
Macquarie derived about 7.7% of its revenue from Asia in the fiscal year ended 31 March, according to data compiled by Bloomberg.
The Australian Financial Review newspaper earlier reported that the Sydney-based bank plans to cut up to 35 jobs in Asia Pacific. Bloomberg