Macquarie is slashing 100 equity trading jobs in London and New York this week
- Australian bank Macquarie is in the process of cutting 100 jobs in its equities and trading units in New York and London, a person familiar with the situation told Business Insider.
- The bank plans to focus on its Asia Pacific operations, and the source said that structural changes in the market pushed the changes.
- View Business Insider's homepage for more stories.
Australian bank Macquarie is cutting 100 jobs in its equities and trading units in New York and London, a person familiar with the situation told Business Insider.
According to the source, the bank is looking to focus on its Asia Pacific research and trading units.
The Australian bank is following a tactic used by Japanese bank Nomura, which scaled back its non-Asian and Pacific trading divisions earlier this year.
The source added that structural changes in the market are behind the decision, as global interest rates have fallen amid low volatility.
The European bank industry has been hammered - especially mid-tier financial firms - as regulation changes have prompted fund managers to slim down broker lists and dole out a shrinking pie of fees to fewer market players. In New York, US bank giants such as Morgan Stanley dominate equity trading.
Staff in London were told of the cuts this week, while American traders are to be told about the changes later on Tuesday, the person said.
The bank's roster of equity traders had a few alum of Credit Suisse, most notably Daniel Kaye, who left the Swiss firm's London office to join Macquarie in 2017 and build out its stocks trading unit.
Macquarie is due to report half-year results on Friday.
Bloomberg first reported on Macquarie's job cuts earlier on Tuesday.