The private wealth division of Macquarie Group has been forced to make a number of redundancies following an internal review.
Macquarie Private Wealth has restructured its business, with the group making a number of internal positions redundant.
It is understood that around 30 employees within the private wealth division of the Macquarie Group were let go last week.
"Macquarie Private Wealth has for some time been looking at ways to provide better services to its clients and we are making some minor internal changes to ensure our clients have access to the full range of advice services that will help them meet their financial goals," a Macquarie Group spokesperson said.
The spokesperson was not able to confirm the exact details of how many employees were let go or which jobs were no longer required.
"We never comment on any staff matters at any time," the spokesperson said.
The internal restructure comes a month after Macquarie Group denied its financial planning software unit, Coin Software, was suffering as a result of staff departures.
In July, industry speculation suggested the company's reduction in bonus payments, poor performing share price and new offices had forced the departure of at least two staff members per week.
A Macquarie Group spokesperson denied the claims, stating that Coin had in fact begun to recruit staff.
Coin has been working to create new positions that support the ongoing development of the business and platform, the spokesperson said at the time.
The two non-consecutive alphabetic letters encountered most often last week caused more controversy than the underlying policy they represented, Wouter Klijn writes.... read more »
Home delivered!
Daily news, weekday mornings
Get the day's news delivered direct to your inbox. Register here (it's free!) and choose 'yes' to receive the InvestorDaily newsletter.
