Macquarie Group Limited (ASX:MQG) has cut 47 jobs from its private wealth management unit, and speculation is building that more cuts are imminent.
Sources close to Australia's largest investment bank have told the Australian Financial Review that the job losses were support staff based in Sydney from the bank’s retail brokerage division.
The news follows similar moves from overseas and local investment banks, reigning in costs amid challenging market conditions.
Earlier this month Macquarie affirmed it expects an improved result in the 2012 financial year, assuming market conditions do not deteriorate further.
In the 2011 financial year Macquarie Group reported a $989 million net profit.
