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The global financial crisis reared its ugly head in Australia yesterday with reports that up to 1000 Macquarie Group employees were made redundant.
According to The Australian Financial Review the investment bank sacked between 500 and 1000 staff yesterday after releasing 75 staff at its London headquarters on Tuesday.
Employees in Macquarie’s investment banking arm Macquarie Capital were among the first to go, the daily reported.
Macquarie chief executive Nicholas Moore said the bank would not be announcing an official number of retrenchments with the process being “very much a business-by-business story”.
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