Macquarie sees profit goal not met
By Narayanan Somasundaram |
September 7, 2010, Tuesday
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Print Edition
Print Edition
AUSTRALIA'S top investment bank Macquarie Group Ltd warned investors it would miss profit forecasts after weak markets took a toll on its trading and advisory business, sending its shares to a 15-month low.
Macquarie, dubbed the "millionaires' factory" for its senior bankers' hefty pay, said its first-half net profit would fall by a quarter and its fiscal year 2011 profit would be in line with last year's.
The forecasts follow two earlier warnings on market conditions and calls for the bank to cut jobs or pay.
Global rivals like Goldman Sachs, Morgan Stanley, investment bank units of JPMorgan and Credit Suisse have all shared grim outlooks.
Macquarie, dubbed the "millionaires' factory" for its senior bankers' hefty pay, said its first-half net profit would fall by a quarter and its fiscal year 2011 profit would be in line with last year's.
The forecasts follow two earlier warnings on market conditions and calls for the bank to cut jobs or pay.
Global rivals like Goldman Sachs, Morgan Stanley, investment bank units of JPMorgan and Credit Suisse have all shared grim outlooks.
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