Macquarie Bank is merging its Banking and Securitisation Group (BSG) and Financial Services Group (FSG) into a single division.
The new division, Banking and Financial Services Group (BFSG) will be headed by FSG head Peter Maher.
"Bringing the BSG and FSG teams together creates an opportunity to provide a better service to our retail clients and accelerate the growth of our businesses," Macquarie Bank managing director Richard Sheppard said.
The new group is expected to have more than 3000 staff and a turnover of over $1 billion per year in revenue.
The new group will focus on increased distribution opportunities across advised, non-advised (direct) and intermediary channels, Sheppard said.
"Each of the businesses currently provides a distinct offering to clients and, in the short term, we want to ensure that client service in the lead up to the end of the financial year is uninterrupted."
