Macquarie Group has retrenched around 15 per cent of its US investment banking staff, the Australian Financial Review reports. Macquarie has disbanded its industrials group and its chemicals experts have been relocated. Other banks have take similar steps; Nomura Holdings laid off more than two-thirds of the staff working in the leveraged buyout division of the US operation. NAB Asset Management has appointed Bob Cunneen to the position of senior economist. Cunneen spent 23 years with AMP Capital, where he was senior economist. ANZ has reinstated four employees it had suspended as a result of an investigation by regulators into benchmark interest rate manipulation, Bloomberg reports. The bank's acting managing director for markets Shayne Collins told staff in an email that the four would return to work after a review of the bank's trading in the bank bill swap rate. Collins said there were "no significant findings by ANZ in relation to compliance with ANZ policies or our Code of Conduct."