] parent, Macquarie Group
, may no longer be in the market for buying for asset managers. As recently as February multiple news sources pointed
to Macquarie as a leading bidder the U.S. arm of DWS, yet now Macquarie is making cuts in two business lines.
Cynthia Koons of the Wall Street Journal reports
that the Australian firm plans to cut costs by up to 25 percent in its core investment banking unit, Macquarie Capital, and in Macquarie Securities. The move follows a 35.6 percent drop in its global dealmaking over the past year and a 60 percent drop in the investment banking unit's profits.
Neil Anderson, Managing Editor
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