Macquarie plan upgrade of US investment banking team
Up to 30 members of Macquarie Group's US-based investment banking workforce are facing the exit door as the firm seeks to "replenish its ranks with star performers", Reuters reports.
The news wire service claimed Macquarie was looking to hire investment bankers with strong sector expertise, to replace those being let go, as the group seeks to build on its successful first quarter results, which saw it top the rankings of lenders to US private equity buyouts.
In recent years, Macquarie has developed its US investment banking business by focusing on advising and financing private equity deals.
Sources cited in the report said Macquarie had disbanded its industrial group, while the consumer group has been merged into the gaming and leisure group, with the healthcare services information technology group absorbed into the technology, media and telecommunications group.
At the time of publication Macquarie had not responded to requests for comment from Money Management.
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