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
- 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]
- 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]
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 | 13,740+ | 🇵🇭 Philippines🇮🇳 India |
| Commonwealth Bank | CBA | 10,000+ | 🇮🇳 India |
| NAB | NAB | 6,000+ | 🇵🇭 Philippines🇻🇳 Vietnam🇮🇳 India |
| 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.”
This profile is based on publicly available information at the time of publication. It may not reflect current operations and should not be treated as a complete picture. We publish what we can verify — not everything that exists.
Is something wrong or missing? Submit a correction. We welcome input from companies, employees, and researchers.