Sarah Thompson and Joyce Moullakis
Macquarie Group has laid off up to 35 people in its Asia-Pacific region structured and derivatives products division, sources said on Friday night.
The cuts included as many as five local employees, while the remainder are thought to be based in Asia, with Hong Kong operations likely to bear the brunt of cuts. Macquarie clients were informed of the changes by phone on Friday morning, according to the sources.
The changes suggest the structured-products unit, which was loss-making for two straight years, may be wound down. The cuts are not thought to impact on the writing of warrants in Asia.
Australia and New Zealand Banking Group last month became the latest player to take an axe to some trading functions, closing down its equity derivatives business among others. The Sydney equities derivatives desk run by former Citigroup banker Michael Hull was on the hit list.
Macquarie’s acquisition of the cash equities sales, execution and research business of German private bank Sal Oppenheim four years ago was unwound, as the company exited a number of global derivatives businesses in 2012.
Australian Financial Review