Australian investment bank Macquarie Group is conducting a review of its European structured products and exotics business as a result of unfavourable market conditions, and may decide to shut it down.

The move follows the departure of Todd Steinberg, global head of Structured Products, who resigned from the bank last September.

Macquarie Securities Group, the bank's structured products arm, employs over 1,500 staff across all offices worldwide, with the bulk of its European business based in Frankfurt.

The bank stopped issuing structured products last week and will not launch any new instruments in Europe, although it will continue to quote prices for existing positions, says a spokesperson for Macquarie.

Macquarie's advisory, cash equity sales, research, trading and funds management businesses in Europe are unaffected by the review of the structured products and exotics operations, says the spokesperson.

This article was first published on Risk