Macquarie to cut half of Asia investment jobs

Hong Kong

MACQUARIE Group Ltd plans to cut about half of its investment-banking workforce in Asia as chief executive officer Nicholas Moore reshapes the firm, people familiar with the matter said.

About 80 to 90 jobs would be eliminated in the reductions, one of the people said, asking not to be identified because the decisions are confidential. Jeremy Wernert, who was named as head of Macquarie Capital for Asia less than a year ago, is leaving and will be replaced by Hajir Naghdy, who runs Middle East investment banking, one of the people said.