Between 80 to 100 jobs will be eliminated at the lender's Hong Kong, Singapore, Korea, India and Japan offices, according to media reports.
The reductions come as the lender looks to refocus its business following a decline in the number of deals that used to earn big fees for the firm.
Macquarie was not reachable for comment.
Its chief executive, Nicholas Moore, has been shifting the firm towards more stable sources of revenue such as lending and fund management.
Macquarie is Australia's largest investment bank, but has struggled with increased competition in Asia for both merger and acquisitions, as well as underwriting business.
There have also been a reduced number of deals due to the weak global economy.
Macquarie's shares have risen by about 33% this year.

The race was expected to be full of high drama, with drivers squeezing cars through narrow sections and an error or two never far away.
What happened? An unexpectedly dull inaugural race.
With only a 12-point gap between Vettel and Hamilton at the top of the drivers' championship, can Azerbaijan provide an exhilarating show this time around?
Choose your top-10 race result below...
Who will finish in the top 10 at the Azerbaijan Grand Prix?

An estimated 600 people gathered at Westfield in Shepherd's Bush for the so-called "die-in" demonstration.
Police said the arrests were made when a breakaway group assaulted security staff and damaged property.
The protest was in solidarity with rallies in the US prompted by the death of Eric Garner, a black man who died during an arrest in New York in July.
Two peaceful protests were held in west London on Wednesday evening, one inside the Westfield shopping mall and one outside.
It is believed those staging the occupation were asked to move outside, a request that was peacefully complied with, Scotland Yard said.
But, according to a police statement, a group then tried to gain access to the centre and were arrested on suspicion of public order offences and one man was held on suspicion of assault.
The Metropolitan Police said they dealt with the protesters using tactics "including a containment for the purpose of preventing violence and effecting arrests".
Commanding officer Ch Supt Mark Bird said: "We will always work with those that wish to demonstrate lawfully - as the majority of protesters did yesterday.
"However, we will not tolerate the small minority that offer violence or commit other criminal acts, such as that witnessed outside Westfield."
The Met said their inquiries into the incident were continuing.
Mr Garner, 43, was stopped on a street in New York on 17 July on suspicion of selling loose, untaxed cigarettes.
Police officers wrestled him to the ground and he complained he could not breathe as he was restrained in an apparent chokehold. He became unresponsive and later died.
Thousands of people have taken to the streets in the US in protest over his death and that of Michael Brown, 18, who was killed in Ferguson, Missouri on 9 August.
Grand juries in Missouri and New York have decided not to charge the officers involved.
West London protesters held signs carrying the same "Black lives matter" message as seen in US demonstrations.
Australia's Macquarie Group is reportedly planning to cut nearly half of its investment banking jobs in Asia.
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Baku was the new kid on the Formula 1 block in 2016, presenting fans with the fastest street circuit on the calendar.
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Police have arrested 76 people who were taking part in a mass protest at a major west London shopping centre.