Macquarie Group Ltd
(ASX:MQG) is preparing to axe jobs from its Technology Services Group in an effort to fight rising costs, according to the Australian Financial Review.
The paper reports that hundreds of employees could be let go over the next weeks following a board review geared towards restoring efficiency in its IT operations.
The anticipated job cuts come just months after Macquarie cleared around 70 IT positions in December last year.
While the investment bank has not made any official comment as yet, its latest results revealed that a spate of acquisitions had resulted in adding 1,428 positions to its technology department over the past year.
In six months to 30 September 2010, Macquarie Group posted a net profit of $411 million.
