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Macquarie to consolidate private bank, wealth divisions

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Macquarie to consolidate private bank, wealth divisions

Macquarie Group Ltd. will consolidate its private bank and private wealth divisions, with a focus on serving wealthy individuals.

Macquarie said the consolidation does not change the strategy of the banking and financial services group, which will integrate the two divisions, to continue to grow its retail banking activities, according to a May 17 release.

The move, however, is expected to impact a number of Macquarie advisers. The company said it will facilitate talks with other companies for the transfer of such advisers.

According to a May 18 report from The Australian, the company will lay off about 30 private wealth employees out of the 300 advisers employed by the wealth division.