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Sep

18

Redundant Macquarie Employee Advises Against The ‘Millionaire’s Factory’

Posted by The Spy | Posted in Firm Gossip, Macquarie Bank | Posted on 18-09-2009

We reported a few weeks ago the news that several junior workers at Macquarie Bank had been made redundant. In response to that post, we received the following scathing comments from an anonymous Macquarie spy:

did i hear you say youre leaving early tonight?

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.

Are you happy with your employer? How was your Christmas party?

Send the Firm Spy your news and views!

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Aug

18

Macquarie ‘Millionaires Factory’ Makes Scores of Graduates Redundant

Posted by The Spy | Posted in Firm Gossip, Macquarie Bank | Posted on 18-08-2009

The Firm Spy is working hard to improve the quality and the quantity of its Investment Bank gossip.

are you cut-out for factory work?

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.

Send the Firm Spy your news and views!

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Mar

17

Macquarie Advisor Expected that Corporate Clients Would Follow Him to UBS

Posted by The Spy | Posted in Firm Gossip, Macquarie Bank | Posted on 17-03-2009

The Macquarie Millionaires Factory
Two Maquarie Group advisers have been the subject of a successful injunction application by their former employer to interdict the flow of confidential corporate information to their new employer UBS, according to the Australian Financial Review. In yet another blow to UBS Australia, the company has employed two people whose potential revenue streams and workflows appear considerably lower than first thought.

As reported in the Review, the Supreme Court of New South Wales has granted an injunction in favour of Macquarie ordering Mark Minchin and Peter Simpson to provide to Macquaries lawyers within 7 days:

‘a memores ultra travel drive, any Sony storage media device and any Kingston USB device … [as well as] any personal computer belonging to either defendant.’

In addition, both defendants have been ordered not to work at UBS on client accounts which are the subject of the dispute. This begs the question; in the midst of the same financial crisis which caused UBS to sack graduates and cancel bonuses, what will Minchin and Simpson do?  Comments, theories and gossip welcome!

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