A group of employees from the high-profile Macquarie Capital division recently wrote to the board, targeting six senior managers over what they described as unacceptable conduct. Two separate letters were sent to the chairman alleging the executives acted in ways “incompatible with Macquarie’s values”, focusing specifically on behaviour inside the investment banking arm.
The correspondence did not include individual signatories and was collectively signed as coming from “Macquarie Capital employees”.
Allegations outlined in the letters range from breaching company and travel policies to showing disrespect towards staff in the division. Employees also accuse the managers of manipulating internal information, budgets and asset valuations, raising concerns about how performance and risk are presented within Macquarie Capital.
The language used in the letters suggests deep frustration with internal governance and day-to-day leadership conduct, rather than a single isolated incident.
A growing climate of fear and mistrust has developed inside one of Macquarie’s flagship businesses, at a time when investment banks globally face scrutiny over culture and treatment of staff. Concerns about policy breaches and data manipulation go beyond interpersonal conflicts and indicate wider unease about oversight within the investment banking unit.
