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It was once dubbed the "millionaire factory", but Australian investment bank Macquaries is feeling the pinch of the global recession.
Macquarie Bank is preparing to cut as much as 10 per cent of its workforce globally as it downsizes in line with global market activity, The Australian newspaper has reported.
"Institutional brokers have been put on notice that the job cuts would occur this week, while the remaining divisions of the bank have been warned the size of the workforce is under examination," the newspaper reported.
- INTEREST.CO.NZ
