Macquarie Group to eliminate 70 From US workforce

[NEW YORK] Macquarie Group cut about 70 US jobs this week, according to people with knowledge of the matter.

The Australian bank's reductions affected employees in New York and other cities, said the people, who requested anonymity because the moves are private. It couldn't immediately be learned which divisions were targeted. The firm has more than 2,500 US employees.

Stephen Yan, a spokesman for Macquarie, declined to comment.

Macquarie cut about 100 equity research and sales jobs in New York and London late last year. In July, the bank led by chief executive officer Shemara Wikramanayake said it was unable to give investors meaningful earnings guidance for the year ahead, and warned that market conditions would remain "challenging." The bank's shares have fallen 8.6 per cent this year, compared with a 12 per cent decline in the S&P/ASX 200.

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