Macquarie Group begun cutting jobs late on Monday after warning of a 25 percent drop in first-half earnings amid weak markets, The Australian newspaper reported on its website on Tuesday, citing unnamed fund managers.

Redundancies started Monday night and several people were also laid off on Tuesday, the paper said.

A Macquarie spokeswoman said she had no comment on the report when contacted by Reuters.

Macquarie, Australia's top investment bank, warned investors on Monday it would miss profit forecasts after weak markets took a toll on its trading and advisory business, sending its shares to a 15-month low. [ID:nSGE68402G].

Macquarie said its trading and advisory businesses have been hard hit while its lending, funds and leasing business are still growing.

In August Credit Suisse said it will cut 75 jobs in in the U.K. while sources said Barclays was axing 400 back-office jobs in its investment bank across the world as economic fears hit deal making. (Reporting by Narayanan Somasundaram; Editing by Balazs Koranyi)

Australia Investment Barclays Citigroup