Macquarie still feeling the pinch
Macquarie Group Limited (MQG) shares slumped nearly 4% Thursday morning after the investment banking giant said that the current economic environment was hurting parts of its business. The bank, however, said that it was still too early to quantify exactly what effect that would have on the current financial year.
The bank has also been hit by a number of key managers leaving the bank’s global operations due to a second-straight year of below market compensation.
However, the company noted it was well placed in the medium to longer term due to a range of factors, including a diverse mix of businesses across the globe and a strong balance sheet, capital and funding.
”Subject to economic activity continuing to increase across major markets, we expect continued growth in revenue and earnings across most businesses over time,” Macquarie CFO, Greg Ward, said.
At 1044 AEST, Macquarie shares were trading down $1.67 to $41.00.
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