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Is Mac making a comeback?

Has Macquarie turned the corner? Will it need to ramp up hiring again soon?

Earlier this year, Macquarie-bashers were smelling blood – the firm had trouble with a toll road project, its share price was sagging and profits were declining. On the jobs front, the bank was criticised for the secretive way it laid off some 1,200 staff.

But now its acquisition of Canadian corporate finance boutique Tristone Capital is signalling the start of a concerted push into the global resources and energy-advisory sector.

And earlier this month, Macquarie easily raised $1.2bn from institutional and retail shareholders – a potential sign of renewed confidence in the “millionaires’ factory”.

Macquarie is also getting a healthy share of Asian IPOs and is involved in a spate of new listings in Hong Kong. It is among the banks being considered to handle the listing of AIA, the Asian life insurance group of AIG.

Does this all mean that Mac is on the road to recovery? What are its strengths and weaknesses for the rest of 2009? And in what departments might we see jobs growth? Let us know below.

Comments (2)

  1. Mac bank is not along in benefiting from more activity in i-banking…it had to die before coming back to life, like all its rivals. Its improvements are nothing special.

  2. The Tristone purchase makes Macquarie the best bank in the resources sector.

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