Macquarie
ASX:MQGGlobal investment bank and financial services. Asset management, banking, advisory.
Reported Offshore Headcount
1,800+
reported 27 Jun 2023, NAB and CBA look to India to build AI powers — AFR (NAB 3,000 contract...
Estimated % of Workforce
~9.3%
illustrative, not directly reported by the company
Destination Countries
Macquarie Global Services Private Limited (India) and Macquarie Group Services (Philippines) Inc. listed as subsidiaries. Manila office supports volunteering and operations.
Financial Context
Market Cap
$78.0B
Revenue
$18.5B
Net Profit
$3.5B
Estimated Wage Differential
~$153M/yr
CEO: Shemara Wikramanayake
$29,762,000
382x avg Australian worker
Illustrative wage differential: if the 1,800+ reported offshore roles were instead employed in Australia at average local rates, the additional cost could be in the order of ~$153M/yr (~4.4% of reported net profit). This is an estimate based on industry averages, not company-specific data.
Would this company be profitable without offshoring?
Every dollar paid offshore leaves the Australian economy, reducing local wages, tax receipts, and economic circulation. Why it matters
Financial data: FY2024. Estimate uses avg AU employment cost of $110,000+/yr (incl. super and on-costs) vs offshore $25,000/yr (salary + on-costs). Actual figures vary by role, seniority, and location.
In Plain English
- In 2023, Macquarie was reported to have 1,800+ offshore contractors and staff.
- This represents ~9.3% when compared to its current workforce of 19,335 (illustrative comparison only, not directly reported by the company).
- 🇵🇭 1,000+ staff reported in Philippines in Call Centre, IT, Back Office.
- Known outsourcing partners include PwC.
Based on data from public sources at the dates reported. Figures may not reflect current headcount. See sources below for full attribution.
The Story
- 2025Over the past 13+ years, the Manila office has become one of Macquarie's key technology hubs. Functions include DevOps engineering, Java development, data engineering, and global service desk management. [Macquarie Careers]
- 2025The Manila team operates as part of a 24/7 global technology delivery model alongside Hong Kong, Sydney, London, and New York. Employee reviews: 4.1/5 stars, 83% would recommend. [Glassdoor]
- 2025Macquarie operates 'Macquarie Global Services Private Limited' in Gurugram and Mumbai, serving as a key pillar for its global banking, asset management, and risk functions. The Indian GCCs use AI and machine learning for risk assessment and robotic process automation (RPA) for back-office operations. [Inductus GCC Report]
- 2009-2010Macquarie established its Manila technology office. The entity is formally registered as Macquarie Offshore Services Pty. Ltd., Philippine Branch, located at Level 29, Tower 1, The Enterprise Center, Makati City. [D&B]
All facts sourced from public reporting. No editorial commentary. Click source links to verify.
Department Breakdown
| Department | Country | Headcount | Confidence |
|---|---|---|---|
| IT | 🇵🇭 Philippines | 1,000 | Estimated |
Offshoring Timeline
| Date | Department | Country | Headcount | Confidence |
|---|---|---|---|---|
| 1 Jan 2024 | Back Office | 🇵🇭 Philippines | — | Estimated |
| 1 Jun 2025 | IT | 🇵🇭 Philippines | 1,000 | Estimated |
| 1 Dec 2025 | Call Centre | 🇵🇭 Philippines | — | Confirmed |
Consultancy Engagements
| Vendor | Type | Contract Value | Status |
|---|---|---|---|
| PwC | Consulting | — | Confirmed |
Other Banking Companies That Offshore
Other companies in banking with reported offshore operations.
| Company | ASX | Reported Offshore | Offshore Destinations |
|---|---|---|---|
| ANZ | ANZ | 14,300+ | 🇵🇭 Philippines🇮🇳 India |
| Commonwealth Bank | CBA | 10,000+ | 🇿🇦 South Africa🇮🇳 India |
| NAB | NAB | 7,347+ | 🇮🇳 India🇻🇳 Vietnam🇵🇭 Philippines |
| Westpac Banking Corporation | WBC | 2,000+ | 🇵🇭 Philippines🇮🇳 India |
| Bank of Queensland | BOQ | 213+ | 🇮🇳 India |
What Public Sources Say
All information below is sourced from publicly available documents and reporting. Excerpts are direct quotes. Click source links to verify.
“IAG (8.5 million customers) outsources at least part of their contact centre in 2025.”
“Macquarie has technology leaders in its Manila office. Over the past 13 years, they have been integral to the evolution of Manila as a technology hub.”
“Macquarie Offshore Services Pty. Ltd., Philippine Branch, Level 29 Tower 1, The Enterprise Center, Ayala Avenue, Makati, Metro Manila. Macquarie established its Manila technology office in 2009-2010.”
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This list is not complete, and never will be
If a company isn't listed here, that doesn't mean it doesn't offshore. And every number is the lowest we can prove, so the real figures can often be higher.
Read whyShow less
This list is not complete, and never will be
If a company isn't listed here, that doesn't mean it doesn't offshore. And every number is the lowest we can prove, so the real figures can often be higher.
This started as an ASX 200 project and mostly still is. It has widened as stories landed from outside that list, so it now also covers employers that aren't ASX-listed, like Canva, Allianz Australia, SS&C and Crown Resorts, along with government departments and agencies. Companies get added when something surfaces about them, not by working through a list in order.
Australian companies are under no obligation to disclose where their work is done, and there is no register of offshored jobs. Everything here comes from something that surfaced publicly: an annual report, a modern slavery statement, a news article, a union statement, a government contract, or a tip from someone who was there.
So an absence usually means nobody has reported on that company and we haven't got to it yet, not that it keeps its work onshore. Some of the biggest offshorers say nothing at all. And because each figure counts only what a source actually stated, the real numbers can often run higher, sometimes much higher.
Every figure links to the source it came from, so you can judge it yourself rather than take our word for it. If you know something that is missing or wrong, tell us. Corrections are published, not quietly buried.
This profile reflects public information at the time of publication and may not match current operations. Is something wrong or missing about Macquarie? Submit a correction. We welcome input from companies, employees, and researchers.