Macquarie Group Chief Executive Nicholas Moore and Deputy Managing Director Greg Ward.
This is not the only bank making cuts in Asia. Goldman Sachs is planning to downsize in Singapore, and CIMB, a Malaysian bank, is also starting to lay people off. Not to mention Standard Chartered, which shuttered its global equities division earlier this year, with most of the 200 layoffs taking place in Asia.
Analysts say that Macquarie will focus on more profitable divisions, like asset management, funds, and financing, rather than fee-based dealmaking.
That's because Asia is not a great destination for investment banking business. The continent accounts for only 12 percent of global fees, and in general, companies tend to make their own deals, preferring not to pay for advice, the FT reported.