LONDON (Reuters) - Australian investment bank Macquarie Group MQG.AX said on Tuesday that it will reduce its domestic cash equities businesses in Europe, the Middle East, Africa and the Americas regions citing "structural changes" in the broader market.
As a part of the restructuring, the bank said it entered a preliminary agreement with French broker Kepler Cheuvreux to get support for its European clients in equity trading and research, while Kepler’s Asian clients will in return get support from Macquarie.
The bank, which employs about 700 people in cash equities, is expected to cut 100 jobs in London and New York, a source with direct knowledge of the matter told Reuters, adding that it will have “smaller teams” in those locations to support its core Asia Pacific businesses.
Reporting by Thyagaraju Adinarayan, edited by Julien Ponthus
Our Standards: The Thomson Reuters Trust Principles.