Australia’s largest investment bank, Macquarie Group Limited, is cutting some 100 investment banking jobs across Asia – almost half the division, the Financial Times reports.
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.
Head to the FT for the full story »
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