Macquarie Group Sucks Customer Reviews and Feedback
Macquarie Group Limited () is an Australian multinational independent investment bank and financial services company. Headquartered and listed in Australia (ASX: MQG), Macquarie employs more than 14,000 staff in 25 countries, is the world's largest infrastructure asset manager and Australia's top ranked mergers and acquisitions adviser, with more than A$495 billion in assets under management. he company's operating groups include Macquarie Asset Management and Macquarie Capital. Macquarie holds a number of licences enabling it to conduct activities in the jurisdictions in which it operates and is regulated by a significant number of regulators globally. In Australia, Macquarie Bank Limited holds a banking licence and as an authorised deposit-taking institution (ADI), is supervised by the Australian Prudential Regulation Authority (APRA). Other key Australian regulators include the Australian Securities & Investments Commission (ASIC) and AUSTRAC. Globally, key regulators include the UK FCA and PRA; US CFTC, FINRA, NFA, FERC, SEC and Federal Reserve Board; IIROC; MAS; Hong Kong SFC; HKMA; SEBI; Japan FSA; Korean FSS; and New Zealand FMA.
Very clique-ish. The US subsidiaries are tightly controlled by Australian HQ, by senior execs who have little or no overseas experience. Cursory judgments are made about US staff members by HQ on the skills, potential and performance of the US, and hey presto, your bonus, or your reputation can go up in smoke. Even senior US execs will cower away from standing up for their staff if "Sydney" decides to oust someone. They raise passive aggression to an art form. They think diversity is only about gender, great place if you are a white male or female, anything outside of that proceed with caution - diligence the team you are joining. The place has some great people, so find out all you can about management before you make a decision.
Former Employee - Anonymous Employee says"We’re sorry to read about some of your experiences at Macquarie. We aim to ensure that the employee experience is positive for everyone. We would welcome an opportunity to further discuss your feedback. Please reach out to HRServicedesk@macquarie.com and we will arrange a time to speak."
Current Employee - Investment Banking Analyst says"We’re sorry to read about your experience at Macquarie. We’re committed to fostering a supportive environment that allows our employees space to develop and grow their careers. We would welcome an opportunity to further discuss your experience, please reach out to HRServicedesk@macquarie.com and we will arrange a time to speak."
Former Employee - Vice President says"Low pay. Many very stupid, ineffectual senior bankers. Can’t bank their way out of a paper bag. Translates into really bad hours and low pay (because they can’t generate revenue)! I’m surprised they keep the North America operation open."
Former Employee - Senior Associate says"No work life balance when you work for the tech desk in New York. Micromanagement, and favoritism dictates your success."
Current Employee - Managing Director says"Global management is non-existent hence there is virtually zero coordination between regions and products. Think of five people robing a bank - thank fighting over the money while still in the banks lobby. Australian's in management are allowed to "fail upward" and routinely bury good initiative presented by their direct reports until they can re-band them as their own - often after the originator of the idea has been managed off the platform. I've worked for five different investment banks and although each had its share of politics - they were still a meritocracy. At Macquarie the politically astute despite having zero talent aside from self-promotion rise easy through the organization."
Former Employee - Senior Vice President says"An echo chamber. Despite claims of being entrepreneurial, diverse and inclusive, Australian culture dominates and Sydney 's influence is sometimes a hindrance"
Current Employee - Anonymous Employee says"Cheap bank, low pay with terrible bonus retention policy (kicks in at AUD$50k and vests over 4 years), very few direct analyst to associate promotes after year 2, offcycle year end with bonuses paid in May, poor offices, aussies too influential and not any more qualified / talented yet are moved to the US frequently and have an outsized role in leadership (surprising the work ethic and talent isn't better as Macquarie has a very strong brand name in Australia)"
Former Employee - Anonymous Employee says"Horrific work-life-balance for US, as you'll need to work Sydney hours 3+ days a week, complete disregard for US regulatory environment (they are disregarding SEC, FINRA, and GLBA rules every day without concern), pre-Lehman risk management mindset ("We don't have to worry about XX, because XX has never happened to Macquarie"), out-dated end-user technology (no BYOD, you are required to carry a Macquarie laptop and Macquarie iPhone), too many lifers (they have only worked at Macquarie, so they don't know what established banks have done to solve problems), pretentious working environment ("Macquarie is special"), entirely disinterested in learning from mistakes of others ("it can never happen here, we're special"), complete inconsistency across different locations (no global standards), most decisions come handed down from Sydney (again, by people who haven't worked at other banks or haven't worked anywhere but other Australian retail banks), expects employees (of all levels) to fly economy class from New York to Sydney."
Former Employee - Anonymous Employee says"Everything about this place is horrible. From management to culture. Felt like I worked at a call center. No work life balance. Slavery"
Former Employee - Anonymous Employee says"Bad management and they don't treat people well."
Senior Associate (Former Employee) says"Working here was a nightmare. When I started I never had a starter package of what’s expected of me. 2 years down the line, and everyone that got hired on our team complained about the same thing. There was no direction. The manager for my team was not fit for this job. First of all when I started, I got paid the lowest. After hiring 11 techs after me, they all had little experience, and made more than me. want to believe my manager at the time didn’t like me. Literally everything I did was an issue. He made it an issue on whom I had lunch with. He loved to micromanage. For a while he used to secretly record a teammate of mines and myself just to validate we was doing work. I can go on and on. There was no growth on the team as well. I rarely called out, but when I did, it was for the sake of my daughter. And that was always an issue for my manager, because he was more concerned about who would cover the tech assist desk. When anyone else called out, it wasn’t an issue. Again favoritism. Whenever we had daily catchup, he never had positive feedback. He would have daily catch ups every week to tell us everything we’re doing wrong, despite all the positive feedback we would get from actual users. He had an issue with everything someone did on the team. And this is why there’s a high turnover. In less than 6 months 3 people left and 2 other teammates are currently looking for a job.None what so ever. The company is good, but the team and manager I worked for was horrible.No work life balance when you work for the tech desk in New York. Micromanagement, and favoritism dictates your success."
Impiegato (Former Employee) says"Un fallimento completo... lascia il mercato italiano poco tempo dopo l'ingresso..."
Vice President (Former Employee) says"Buyer beware. Compensation practices are borderline criminal"
Operations Administrator (Former Employee) says"Would recommend avoiding this employer. Has an industry reputation as a place of work that will destroy your life and break up your relationships. Was told regularly not to worry about customer rights as the company wasn't interested in protecting their customers but rather their relationships with other people in the industry. Overtime policy would change with a change of government."
Associate Director (Former Employee) says"If you're Anglo, you're golden. The culture favors people who are Australians, Anglo ex-pats and / or from countries that were part of the British Commonwealth. Despite its abundant "diversity and inclusion" rhetoric, Macquarie is homogeneous and exclusive. And, although most of its business/profit comes from outside Australia, Sydney has inordinate influence."
Senior Associate Settlements Analyst (Current Employee) says"We are forbidden to post anything negative about Macquarie on any social media site. I fear that I am unable to post specific details about Macquarie and my experience therebreakfast providedseveral"
Director (Current Employee) says"Unclear business and hiring strategy. Inexperienced seniors. Office politics, passive aggressive culture. Not meritocracy. Local (Australia) culture. no room for diversity"
Executive Assistant (Former Employee) says"The North America main office is in New York, and SF is an extension of it. The manager for this position, you never meet, but this person poorly communicates with you, only when there is a problem. The other EA's are helpful, but they are slammed busy too. You are the only EA in SF office, and often just figuring it out. This would be okay, but you have very needy people in this office that are not long on patience. I was thrown into the weeds after the previous EA left, with 1 week of training, to learn many operations. The training while they did their best, there was not a lot of tools to refer back to accept for a screenshot book that really did not help you troubleshoot in the process of using the software. Would have been so helpful if there had been a training video with a reference index as to where to click in the video to find your solution. Having a visual tool would have been really great! The managing directors, for the most part, were okay, but they push for everything and basically, and if you make a mistake, be ready for some rudeness. The associates think of you as a tool in the office to service them solely, as if you really aren't anything important... there is no team spirit here. It's their cohort, and the next cohort and you simply serve them. So, don't think you will feel part of a team, you absolutely won't. Very demanding, very fast pace (which I actually liked). It is intimidating to be managed by someone you have never met, nor has an inviting or warm communication style. Straight up stereotype New Yorker, a no-nonsense type person, so ifPay, Day goes by FAST, benefitsManagement, cheap on resources, everyone working around you and talking over your head as if you are not there, not real support in SF, force yourself to take a break. They don't like overtime."
Post Room Assistant (Former Employee) says"The management were very bad at macquarie, felt very uncomfortable the way they treated there staff in the mailroom. Would not like to be placed there againGood teamBad management"
Senior Equity Research Associate (Former Employee) says"Growing enterprise. Will take time to evolve into stable platform."
Senior Manager (Former Employee) says"poor management, politics and no interest in progressing people. culture of keeping managers happy and not about competence. No career progression, poor bonus and close to nothing."
Executive (Current Employee) says"Typical investment bank, lots of talk about the type of employer they want to be very little actions taken to get there. Lack of human interaction Lots of egosfree cerealeverything else"
Senior Analyst (Former Employee) says"a tech-focused company with almost no training to new employees, the management has yet to improve a lot, cross-group communication is not clear to the new-comers."
Equity Trader (Current Employee) says"great place if you work in Australia for a currently successful department. Otherwise they flip/flop too much. Clients don't trust them. Will never make it in the US."
Senior Operations Lending Manager (Current Employee) says"staff are wonderful and make you laugh through out the day. management are not approachable or easy to deal with and zero work life balance for staffforced long hours"
Analyst (Former Employee) says"constant management shuffle and confusing policies that discourage employees; below industry pay; most view the job just as a stepstone for something better"
Investment Banking Analyst (Current Employee) says"Poor management - managers are unnecessarily punitive regarding any work-related errors but have no interest in mentoring juniors. It is not uncommon to request a day off and alert team members, only to be pulled in to do work anyways. Mid-level managers often shout at juniors on the floor and senior managers make no effort to intervene.Free toast and peanut butter in the pantry"
Vice President (Current Employee) says"Macquarie is a place that is highly risk averse that boasts its culture and value system but they don't actually do anything about it. Supposedly performance is rated against 14-16 values, but the values aren't used in an honest way. Training is abysmal and analysts tend not to be very good, forcing Associates and VPs to step in a lot more than at other firms. Coverage teams are a joke except possibly gaming and the product group responsible for managing the business can't because of the US head of the group. There is an extreme old boys' club culture and I have seen women at the top throw junior women under the bus for things that aren't their fault. Sometimes they get hit on by clients and neither they nor the men say anything. MDs at the top do not work well together often talking behind each other's backs. It's a shame because the work is actually interesting sometimes and they do test people for emotional intelligence. If they only used emotional intelligence in the way they managed their people and knew how to manage the firm it might actually be better than a typical bank. The most enjoyable part of the job is select people in your class. There were some great mentors as well, but quite a few of them recently left.Free breakfast, Fast-paced environmentUntalented management"
Associate, Investment Banking (Former Employee) says"Learned a lot about company valuation, modelling, and comparable trading and transaction metrics. Worked on a number of M&A deals and financings."
Senior Finance Associate - Banking Sector (Former Employee) says"Extremely difficult and most annoying employer of all times. Though pay was excellent and so the work.Pack packageExtended shifts"
Mayur Kotecha says"Please do not send messages by your social media team to people who give you negative reviews as if you care. You sent me a reply on 28th July giving me an email address to take my complaint further. I sent an email and nothing has been done. Your social media team tried to assure people that you care but the truth is you just put feelings and experiences of unhappy customers aside and not to be dealt with."
Sam McGahran says"Every day your left without gas you are entitled to £30 compensation. CEO Leo Quinn, , Cadent CEO Steve Fraser Nationalgrid CEO John Pettigrew direct email address can be found on CEO website . Try emailing itnese guys directly. To stop you getting the run around . Due to replacement gas pipes in my area. I was advised an engineer need to enter my property to disconnect the pipe from my meter. I requested they agree a date and time, as i work from home and need to move zoom meetings etc. Despite this and leaving a message taped to my front door. Requesting noone knock / disurb me at specific times. They constantly knocked the door, totally disregard for others. They removed my brand new Smart meter which was discreetly hidden inside and replaced it with another meter, inside a plastic box outside my house?. Been left without gas for 2 days now. As I have 2 small children in the house, I have contacted and spoken with representatives from Cadent and Balfour beatty. When you finally get through each tells you to ring the other company. Past from pillar to post. No one takes ownership or really . I called 3 times today. The first at 9am to ask when the gas will be reconnected and I would not be at the property after 1pm. Disgusting, National Grid should recinder the contract and validate the amount unnecessary of meters replacements"
john says"Useless company all road works on my road causing chaos no letter nothing telling me about these road works gonna contact the energy ombudsman service joke of a company."
Faisal Razaq says"Absolutely fuming and disgusted. I was quoted around £1400 for a re-lay of a pipe that we thought was steel going under my property and a meter move. This took into account the road being dug up, my land, traffic lights, a relay of the pipe which would have been over 20m and the meter move. In the end I didn't need a re-lay as the said pipe was plastic and not steel. So the engineers worked only 3 hours to move the meter and install 2 meters of pipe to the meter opposing to the 5 days that was originally planned. When I asked for a partial refund as no re-lay of piping, no digging, no traffic lights etc were needed as only the meter was moved they are suggesting that the original quote was justified by the work carried out. I'm sure it doesnt cost around £1400 to move a meter from the inside wall onto the outside and install 2 meters of piping. I believe I am well and truly being taken for a ride."
ray laurence says"RT @bspiesbutcher: A reminder about our new social theory reading group. If you're not around @Macquarie_Uni you can join on Zoom, just con…"
Tom Clark says"RT @bspiesbutcher: A reminder about our new social theory reading group. If you're not around @Macquarie_Uni you can join on Zoom, just con…"
Beverley Miles says"RT @bspiesbutcher: A reminder about our new social theory reading group. If you're not around @Macquarie_Uni you can join on Zoom, just con…"
In The News
The Australian Financial Review reports"Victoria mourns job losses, prolonged recession"
Sydney Morning Herald reports"Macquarie accused of buying company to kill extortion allegations"
Sydney Morning Herald reports"ASX to open lower as investors brace for a grim week of economic data"
Fitch Ratings reports"Fitch Revises Outlook on Macquarie Group and Australian Subsidiaries to Negative on Coronavirus Risk"