Mac Bank drop 100 staff (1 Viewer)

[blue_chameleon]

Macquarie Bank cuts 100 bankers, advisers

• Bank cuts Sydney, Melbourne, Brisbane jobs
• Investment bankers out as crunch hits
• Biggest one-day purge in bank's history

ABOUT 100 investment bankers and advisers have been sacked by Macquarie today, in the biggest one-day purge in the bank's history.

Today's jobs losses centred on the investment bank and Macquarie Capital.
The job cuts are understood to be mostly in Sydney and have been under way across the afternoon, The Australian reports.

To be honest, I have been waiting for them to cull a few. Not surprising really, given the current climate.

Anyone here know any IBer's affected?

 

[Vagabond]

Feel especially bad for back office staff and grad's etc. who might have only just got their foot into the door.

The attitude of common Australians disgusts me though. I've seen one too many 'good riddance' comments and smart-arse remarks about their Christmas party for my liking.

 

[BoganBoy]

who knows hows the grad outlook gonna be in 09, 2010. is it true Macquarie revoked 09 grad offers? that is just aweful if its true.

heard JPmorgan still took 6 trading interns this year, which sounds pretty good. anyone know how many is optiver and tibra taking on each year?

 

[blue_chameleon]

who knows hows the grad outlook gonna be in 09, 2010. is it true Macquarie revoked 09 grad offers? that is just aweful if its true.

heard JPmorgan still took 6 trading interns this year, which sounds pretty good. anyone know how many is optiver and tibra taking on each year?

A sign of the times I guess.

ANZ have just cut 800 staff. Not sure what is happening with their grad intake for 2009 and 2010 either. More to follow suit.

 

[DigitalFortress]

from what I understand, ANZ cut their entire internship program. I can't see them accepting any grads next year but we'll see.

Vagabond: the OP specified IBers and Advisors were those cut, who would be FO staff.

 

[blue_chameleon]

from what I understand, ANZ cut their entire internship program. I can't see them accepting any grads next year but we'll see.

Vagabond: the OP specified IBers and Advisors were those cut, who would be FO staff.

Yeah, i've also heard that they've cut the intake completely. Will be interesting to see if the Business Banking team visit the uni in April to recruit like they said they would in September.

 

[Vagabond]

Yeah I was speaking more generally, I've heard of quite a few back office people being culled lately. Not in overall sweeping numbers like this 100, but slowly but surely...

 

[banco55]

who knows hows the grad outlook gonna be in 09, 2010. is it true Macquarie revoked 09 grad offers? that is just aweful if its true.

heard JPmorgan still took 6 trading interns this year, which sounds pretty good. anyone know how many is optiver and tibra taking on each year?

I think for grads looking to get into the finance sector (broadly defined) 2009/10 will probably be the worst time to graduate in at least 25 years.

 

[velox]

Mac are planning to cut 5000 staff out of 13 700 worldwide. Not good.

 

[blue_chameleon]

Mac are planning to cut 5000 staff out of 13 700 worldwide. Not good.

That's a lot of fat.

 

[3li]

commercial banks not much safer

at nabcapital half the leveraged finance team walked out this morn

i said goodbye to them

 

[3li]

I think for grads looking to get into the finance sector (broadly defined) 2009/10 will probably be the worst time to graduate in at least 25 years.

yea nexct year grad salary is just too little - mite as well stay in uni for at least another year or two

 

[Omnidragon]

Feel especially bad for back office staff and grad's etc. who might have only just got their foot into the door.

The attitude of common Australians disgusts me though. I've seen one too many 'good riddance' comments and smart-arse remarks about their Christmas party for my liking.

Why would you feel bad for grads? They just got their contract, most likely not going to be fired any time soon. I feel sorry for VP-level people who have a 1.5m mortgage, 2 kids to put through private school and suddenly lose their cushy 500k job. Most grads are living at home and can probably go without working for 3 years.

 

[lyounamu]

That's a pity

 

[Omnidragon]

from what I understand, ANZ cut their entire internship program. I can't see them accepting any grads next year but we'll see.

Vagabond: the OP specified IBers and Advisors were those cut, who would be FO staff.

My fd who works in ANZ has just got interns coming in. Guess your source was wrong.

 

[blue_chameleon]

Why would you feel bad for grads? They just got their contract, most likely not going to be fired any time soon. I feel sorry for VP-level people who have a 1.5m mortgage, 2 kids to put through private school and suddenly lose their cushy 500k job. Most grads are living at home and can probably go without working for 3 years.

For all the decent execs, i've heard that they are actually splashing out in an attempt to keep them in the company. "Re-allocation" of funds perhaps, but I know who i'd rather keep in this climate.