Macquarie 'to cut investment bank jobs in Asia'

Macquarie logo Image copyright AFP
Image caption Macquarie is Australia's biggest investment bank

Australia's Macquarie Group is reportedly planning to cut nearly half of its investment banking jobs in Asia.

Between 80 to 100 jobs will be eliminated at the lender's Hong Kong, Singapore, Korea, India and Japan offices, according to media reports.

The reductions come as the lender looks to refocus its business following a decline in the number of deals that used to earn big fees for the firm.

Macquarie was not reachable for comment.

Its chief executive, Nicholas Moore, has been shifting the firm towards more stable sources of revenue such as lending and fund management.

Macquarie is Australia's largest investment bank, but has struggled with increased competition in Asia for both merger and acquisitions, as well as underwriting business.

There have also been a reduced number of deals due to the weak global economy.

Macquarie's shares have risen by about 33% this year.

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