LONDON (Reuters) – Australian investment bank Macquarie Group (MQG.AX) is cutting about 100 jobs in its equities business in London and New York, a source with direct knowledge of the matter told Reuters on Tuesday.

At least four trading sources at other brokerages said their contacts at Macquarie’s equities research and trading businesses could not be reached on their usual messaging systems on Tuesday morning.

“Lots of staff are milling around the local coffee shops … opposite their building (in the City of London) waiting to be allowed in,” one of the sources said.

Bloomberg was first to report the Macquarie job cuts on Tuesday.

Macquarie is the latest global investment bank to trim equity operations over the past year as difficult market conditions and the impact of tougher regulations hit returns.

In July, Deutsche Bank (DBKGn.DE) slashed 18,000 jobs in a 7.4 billion euro ($8.3 billion) overhaul with staff reductions stretching across from Sydney to New York.

“It has been very challenging for Japanese, Canadian, Australian banks etc. in European cash equities, even top 12 banks have struggled,” Amrit Shahani, London-based research director at industry consultant, Coalition said.

In April, Japan’s Nomura Holdings (8604.T) cut some jobs in its European trading business.

Macquarie plans to retain its Asia Pacific equities trading business, the sources said.

The bank, which is due to report its half-year earnings on Friday, said in its full-year report in March that it faced “challenging market conditions and reduced opportunities” in its cash equities and equity derivatives trading business.

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