Macquarie Group Ltd., Australia’s biggest investment bank, stopped issuing structured products out of Asia as of June 13 and will cut jobs from its structured products team, people familiar with the matter said.
The Sydney-based investment bank will continue to offer warrants, convertible bonds and equity finance products in Asia, one of the people said. Macquarie, in an e-mailed response, declined to comment on the matter yesterday.
The move came after ABN Amro Group NV, the Dutch state-owned bank, said it would cut about 100 jobs as it exits equity derivatives and shuts its Asian markets business. Executives overseeing rates and foreign-exchange structuring operations in Asia at Barclays Plc and those heading global and Asia equity derivatives distribution and sales at Morgan Stanley left the banks earlier this month.
Macquarie derived about 7.7 percent of its revenue from Asia in the latest fiscal year ended March 31, according to data compiled by Bloomberg.
Australian Financial Review earlier reported that the Sydney-based bank plans to cut as many as 35 jobs in Asia Pacific.