Macquarie denies Coin staff losses

Firm in recruitment mode

By Kate Kachor
Fri 09 Jul 2010

Macquarie Bank has denied speculation its software division, Coin Software, is suffering staff losses.

Macquarie Group has denied claims its financial planning software unit, Coin Software, is suffering staff departures due to poor management.

Industry speculation has suggested the company's reduction in bonus payments, poor performing share price and new offices has forced the departure of at least two staff members per week.

Macquarie Group has denied the claims, stating the firm is in fact seeking to recruit staff.

"The size of the Coin team has remained steady during the past year and we are pleased with the ongoing development of the business. Coin maintains strong administration and adviser support teams to ensure client service is of the highest standard," a Macquarie spokesperson said.
 
"It is the nature of software development that contractual positions are created to ensure appropriate resources are available to meet client development demand, which are sized as required."

Coin has been working to create new positions that support the ongoing development of the business and platform, the spokesperson said.

"New team leadership roles have been created within development teams to focus on platform enhancements and the business has recently appointed a new head of product, who will be responsible for formulating the strategic direction of Coin's product suite," the spokesperson said.

Coin has promoted Macquarie staffer Sarah Penn as the group's new head of product.

"She's excited about the opportunity to be part of Coin and is committed to helping Coin continue to grow," the spokesperson said.

Coin program manager Jeffrey Hall is the latest senior departure for the group. He has left the group to join researcher van Eyk.

In November last year, Coin managing director Darelle Jenkins resigned from her post.

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