Layoffs Watch: Macquarie Swings Axe In Sydney

Just a week after throwing a holiday party described by local newspapers as “one of the most lavish Christmas parties held in Sydney,” Macquarie Bank surprised workers by delivering scores of layoff letters.

From the Sydney Morning Herald:

“They locked the doors down on our level, said we had a meeting. Then they just went around, one by one: ‘Here’s your letter, goodbye,”‘ a senior infrastructure analyst, now redundant, said. “This is no earth tremor, it’s an earthquake. It’s f—ed. It just came out of nowhere.”

Other senior members of staff explained how they were sacked in the morning, then told to go through and sack their staff that afternoon. Some divisions said they lost 80; others put their figure at 100. In pubs last night, a picture emerged of a workforce who had watched the financial crisis but not their own back.

 

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.