Macquarie Said to Cut 10% of Asia Investment Banking Jobs

Macquarie Group Ltd., Australia’s biggest investment bank, cut about 10 percent of its investment banking workforce in Asia last week, two people with knowledge of the departures said.

Koichiro Yano, a financial institutions group banker in Tokyo, is among about 20 employees in Asia outside of Australia leaving Macquarie, the people said, asking not to be identified because the departures aren’t public. Macquarie, which is mainly cutting vice presidents and some junior positions, will maintain an investment banking presence in 14 countries in Asia, one of the people said.