Macquarie Group's sudden exit from European and U.S. equity trading may jus...
) - have pulled away from Europe’s seven biggest rivals in cash equities over the last five years, with a market share of 59.1% in the first half of 2019, up from 46% in 2014.While Macquarie is not the first bank to flag plans to exit equities this year, or even the biggest - Deutsche Bank announced plans to exit in July - the move came as a surprise given that until recently it was hiring for its London office.
Macquarie could not see an opportunity to make a good value return on the time or the investment made in cash equity activities in North America and Europe, Chief Financial Officer Alex Harvey told Reuters.Macquarie is the second major Asia-Pacific bank after Japan’s Nomura Holdings to cut jobs this year in its European trading business.
While partnering across regions to maintain a semblance of a global operational footprint is not new - BNP Paribas outsourced its Asian equity trading in 2016 for example - Macquarie’s agreement is likely the first of a fresh wave of deals.
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