Macquarie battling ahead of last year
Macquarie Group is continuing to battle through difficult market conditions, but has performed better in the first quarter of the current financial year than at the same time last year.
That was the message delivered by Macquarie Group managing director and chief executive Nicholas Moore to the company's annual general meeting today.
Moore said ahead of the meeting that first quarter contributions from the company's annuity-style business had been flat, while Macquarie's capital markets businesses continued to be impacted by weak market conditions.
Drilling down on conditions within the business, he said banking and financial services retail cash deposits exceeded $30 billion at 30 June, while Macquarie Private Wealth remained the number one ranked full service retail stockbroker in Australia.
Moore said that, consistent with a company statement released in April, Macquarie continued to expect an improved result for the 2013 financial year.
However, he said there remained a range of challenges, including the cost of Macquarie's continued conservative approach to funding and capital regulation (including the potential for regulatory changes) increased competition in some markets and the overall cost of funding.
"Over the medium term, Macquarie remains well positioned to deliver superior performance," Moore said.
Recommended for you
In this episode of Relative Return Unplugged, hosts Maja Garaca Djurdjevic and Keith Ford, along with special guest Steve Kuper, discuss a whirlwind start to US President Donald Trump’s second term that all but kicked off a trade war.
The emergence of DeepSeek, a Chinese artificial intelligence (AI) start-up that claims to have built an advanced large language model in just two months for under US$6 million, sent shockwaves through the AI world and cratered US tech stocks.
Donald Trump’s presidency has already begun reshaping the corporate and political landscape in the US, with executive orders rolling back diversity, equity, and inclusion (DEI) initiatives and clean energy efforts.
In this episode of Relative Return Unplugged, hosts Maja Garaca Djurdjevic and Keith Ford are joined by AMP chief economist Shane Oliver to take a look at what can be learned from 2024 as attention turns to what markets will do in the new year.
