Macquarie division cuts staff by 10pc

Steve Dinneen
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Australian lender Macquarie will slash a tenth of its staff from its global infrastructure and real assets division.

The move, which the bank confirmed to City A.M. last night, will see it shed 60 of its 590-strong workforce, as part of a streamlining operation mooted over the summer.

Martin Stanley, the new London-based head of the division, said that following a merger between two separate parts of the bank, his group has “refocused” and aims to ensure it is “adding value to investments”.

The bank will cut its annual management fee on a major infrastructure fund, following concerns that its risks were too concentrated. The fund was capped after raising less than a quarter of the initial target.