Macquarie scales back staff

Nearly half of Macquarie Financial Services’ 80 marketing and sales staff will be either redeployed or retrenched under an extensive restructure of the group’s sales and marketing functions.

Between 15 and 20 of the sales and marketing department's 80 staff will be redeployed within Macquarie Bank while 10 will "look externally for employment," according to financial services group executive director Peter Maher.

Maher says the restructure is designed to align the marketing and sales arms with the greater market thrust adopted by the financial services group.

"We were looking at different parts of the Macquarie operation and their focus on customer segmentation. We looked to see if this was aligned with the rest of the business and systematically reviewed how they offered support and services," Maher says.

"We also spent a month looking at models for better customer services and bounced those ideas around and decided some functions were better handled outside the group."

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Maher says the changes should be considered in the context of growth for Macquarie which he says has had its wrap service pass $1.1 billion within 18 months.

"We plan to add eight to 12 per cent in terms of staff this year which comes on the back of growth in NZ, our master trust and the recently added retail broking group," Maher says.

He also says the financial services group plans to spend about $80 million over the next 12 months as part of its technology spend in supporting the master trust. These funds will also be used to grow the sales, marketing and business development arm of the group.