Australian bank Macquarie Capital has pared back parts of its European advisory business outside of its four key sectors – changes that have led to the departure of its two of its most high-profile hires of the past few years.

Antony Isaacs, hired in 2009 as head of equity capital markets in Europe, and Allan Bertie, hired in 2011 as a senior managing director in the industrials, communications and sponsors team, have both left the bank in the past few weeks, according to two sources familiar with the situation.