The Firm Spy is working hard to improve the quality and the quantity of its Investment Bank gossip.
To this end, we welcomed the following anonymous tip received on the weekend:
Macquarie Capital has just done a round of redundancies for this years graduates after the six month probabtion cut-off. One team cut their entire graduate intake for 2009.
This rumoured summary redundancy of graduates is a particularly harsh form of treatment in the prevailing GFC environment where investment bank jobs are scarce. If the above rumour is true, prospective Macquarie graduates should consider whether job security counts for more than the appearance of Macquarie Bank on the CV.
We wish the purportedly redundant grads the best of luck in finding new jobs.
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As someone who was ‘moved’ from Macquarie (a week after their ridiculous Christmas party) I can honestly say having Macquarie on your CV was useless unless you are going for a job with Macquarie or another investment bank (do they still exist? – NAB just bought JB Were).
The reputation that permeates in the wider industry is one of arrogance, back stabbing, and no commitment to work life balance (unfortunately this reputation is true). Managers doing interviews with former Mac employees are often afraid that if they hire the upstart from Mac he is going to want their job in 6 months.
If you are not confident of having your job with Mac long term look elsewhere, you will be happier and probably have better career prospects outside of Mac.