Macquarie points to challenges ahead
Macquarie Group chief executive Nicholas Moore has pointed to challenging conditions ahead for the big financial services group.
Addressing the company’s annual general meeting, Moore said the contribution made by operating groups during the first quarter of the 2012 financial year was ahead of a subdued first quarter the previous financial year, but down on the prior quarter due to weak market conditions.
He said the company expected an improved result for the 2012 financial year “if market conditions for 2012 are not materially worse than 2011”.
“The 2012 result also remains subject to a range of other challenges including movements in foreign exchange rate, increased competition across all markets, the cost of our continued conservative approach to fund and capital, and regulation, including the potential for regulatory changes,” Moore said.
AUTHOR
Mike Taylor
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