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Macquarie Singapore banking head said to quit after Asia cuts
[HONG KONG] One of Macquarie Group's most senior bankers in Singapore is leaving the company, following the firm's recent decision to cut its investment banking operations in Asia, people familiar with the matter said.
Yung Chee Leong's position as head of Singapore investment banking won't be replaced, and his responsibilities will be handled by Anupam Garg, who was appointed last month to head Macquarie's corporate finance coverage for the Association of Southeast Asian Nations, said the people, who asked not to be identified because the matter is private.
A Macquarie representative declined to comment.
Macquarie has decided to cut as many as 90 investment- banking jobs in Asia, people with knowledge said last month. A number of senior Asian positions, including the heads of mergers, equity capital markets and of natural resources has been eliminated, the people said.
The jobs reductions reflect Macquarie Chief Executive Officer Nicholas Moore's strategy of shifting the company toward more stable businesses such as leasing, fund management and lending after struggling to compete with firms like Goldman Sachs Group and Morgan Stanley in stock underwriting and advising on mergers and acquisitions.
MrLeong, 42, handed in his resignation and will leave before the end of May, the people said. Mr Garg's appointment needs to be approved by Monetary Authority of Singapore.
Mr Leong joined Macquarie in 2010 and became head of investment-banking and country coverage for Singapore in 2012. Before Macquarie, he worked for Credit Suisse Group and Merrill Lynch.
Several securities firms are cutting jobs in Asia amid tougher competition for new deals. New York-based Goldman Sachs is reducing the size of its investment-banking team in Singapore by about 30 per cent compared with the start of the year, people familiar with the matter said last month.