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Source: Australian 2-Dec-2008
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MACQUARIE Group is preparing a savage cut of its Australian and global workforce.
Hundreds of jobs are at risk overall as the bank positions itself for a global investment banking rout.
It is expected that up to 10 per cent of staff in Macquarie's trading business could be made redundant because of the financial crisis and lower market volume. A cut of that size would mean up to 50 jobs could be lost in that area as Macquarie becomes the latest investment bank in Australia to consolidate its workforce.
The other cuts will be spread across the group.
Institutional brokers have been put on notice that the job cuts would occur this week, while the remaining divisions of the bank have been warned the size of the workforce is under examination.
The fresh round of job cuts is not expected to be confined to Macquarie, with deep slashes to the workforce at JPMorgan and its US rival Goldman Sachs.
A hiring freeze is in place at Merrill Lynch ahead of the shareholder vote on Friday in the US to approve its purchase by the Bank of America.
It is thought that Goldman Sachs will cut 35 jobs this week after the bank finalised its staff performance reviews. The cuts will come on top of 10 positions axed a fortnight ago from its investment banking division.
The new cuts are expected to be across each of the business divisions, but they are unlikely to touch the investment bank side.
The consolidation of the Macquarie workforce, described as "massive" by market sources, will not surprise rivals.
Macquarie last week downsized its office in India, despite a concerted push into the market as part of its global expansion.
The bank sacked seven investment bankers, four sales traders and three research analysts, including its renowned auto and utilities analyst Deepak Jain, who had been headhunted from Citi.
The bank, once dubbed the "Millionaires' Factory" has battled the market downturn withfewer deals written in equitycapital markets and merger and acquisition activity.
The league tables for the year to November show that on the M&A front, Macquarie's share of the market has slipped from 24.6 per cent to 18.7 per cent, after a fall of 69 deals to 41.
On the equity front, Macquarie last year carried out $6.4 billion worth of completed deals and issuances, but this year that number is down to $4.03 billion.
Macquarie spokesman Lisa Jamieson refused to comment, but said the bank had recently opened offices in Stockholm, Mexico City and Dubai. Macquarie recently booked a $604 million net profit for the first half, which beat the market's consensus of $593 million. But the result was down 43 per cent on the $1.06 billion earned previously.
Macquarie's profit numbers revealed that it was forced to make $1.14 billion worth of write-downs, primarily on the Italian mortgages business and the group's embattled satellite funds. |
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图片故事——黑天鹅成长跟拍记（精彩褪变~~毛色灰黑，而嘴巴也终于变成红色的了！！） (2010-8-26) Tiger_Karen 
发表于 2008-11-27 11:36
