Economics
Macquarie to Cut About 100 Equities Jobs in New York, London
- Bank to focus equities business on Asia-Pacific region
- Cuts won’t affect economic research, commodities operations
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Macquarie Group Ltd. is cutting about 100 equity research and sales jobs in London and New York, according to people familiar with the situation, joining a raft of lenders that are scaling back their operations in the area.
The “repositioning” of the business is a response to “structural changes in the broader market,” Macquarie said in a statement Tuesday. The Sydney-based bank is looking to focus its equities business on selling Asia-Pacific research and trading services globally. It will maintain a sales presence in London and New York, and sign an agreement with Paris-based Kepler Cheuvreux to distribute each others’ research.