SYDNEY, Feb 14 — Macquarie Group cut 15-20 jobs or about a tenth of its Asian investment bank team last week, two sources said, as a slowdown in the flow of new deals has crippled revenues.

Australia's top investent bank will still keep its presence across 14 countries in Asia, with the cuts centred on junior staff, said the sources who declined to be named as they are not authorised to speak to the media.

A Macquarie spokeswoman in Sydney declined to comment on the job cuts, which were first reported by Bloomberg. The job cuts are over and above the 10 per cent natural attrition that investment banks typically see each year.

Macquarie's move comes as Australia's fourth-largest lender, Australia and New Zealand Banking Group, said yesterday it plans to cut 1,000 jobs in 2012, with more to follow from local rivals as banks try to protect profits.

Macquarie last week said global turmoil had hurt markets and sent its annual profit down by a quarter. It aimed to cuts costs by as much as 25 per cent at its trading and advisory business, which would be one of the worst hit.

Job cuts by global investment banks are reaching Asian shores as the European crisis takes its toll on bank profits and deal flow.

The lull in business, as well as the prospect of reduced profitability amid tighter regulation, has forced major banks to cut more than 100,000 jobs globally and slash bonus pools.

Macquarie joins Nomura Holdings in reducing employees in Asia. The Australian bank cut 928 jobs globally between March and December last year. — Reuters