macquarie bank cuts 100 bankers, advisers

these guys are serious about protecting their lifestyles.

they may survive


ABOUT 100 investment bankers and advisers have been sacked by Macquarie today, in the biggest one-day purge in the bank's history.

Today's jobs losses centred on the investment bank and Macquarie Capital.

The job cuts are understood to be mostly in Sydney and have been under way across the afternoon, The Australian reports.

The first employees were told shortly before 11am and more meetings with staff were being conducted at Macquarie’s Martin Place headquarters this afternoon.

It's understood jobs have also been cut today in Macquarie’s Melbourne and Brisbane offices, which could take the total to more than 100 workers.

"Macquarie businesses respond to market circumstances on a business-by-business, region-by-region basis,'' a Maquarie spokeswoman said today.
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"Over the past 12 months, there have been numerous changes to our staffing levels across the businesses," she said.

It is the largest one-day purge made by Macquarie, which has previously said it would manage its business operations “in line with market conditions”.

It's expected the job cuts could total 1000 of the bank's 13,000 global workforce over the next few months.

The job cuts come as the 'Millionarie's Factory's" investment banking division has slowed this year, as the global credit crunch means fewer business deals.

Australia's largest investment bank has been weathering "unprecedented turmoil'' in financial markets due to the global economic crisis, chief executive Nicholas Moore has said.

"Our strategy has always been based on an ability to adapt to changes in market conditions,'' Mr Moore has said.