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Has Macquarie lost its magic?
27 May 2008By Simon Mortlock
COMMENTS
Sorrrrrrry, can we not say a bad word against the untouchable Macquarie!? Facts are facts - they results were down - the share price has gone down too. Read all comments »Is the world’s love affair with Macquarie Group about to come to a bitter and twisted end?
The pin-up boy of Aussie finance, which is currently on a hiring spree in the US and Europe, seems to be taking on the role of spoiled brat as its profits and share price tumble, and worries grow as to whether its 'millionaire factory' banking model is fair dinkum after all.
Macquarie announced its results last week, with new chief executive Nicholas Moore warning that its 16-year run of profit growth is about to hit the buffers.
With most of its eggs in the infrastructure basket, the bank is facing fierce competition for infrastructure assets and higher financing costs. Eyebrows have also been raised over its tendency to take from one area of the business to pay dividends in another.
The difficulties could hit Mac bankers firm in the pocket as the firm’s bonus pool starts to shrink. Moore, for example, must make do with a mere AU$24.8m this year, down from AU$32.9m in 2007.
Is Big Mac about to be fried? Let us know below.
COMMENTS
Moss Man, Private Equity / Venture Capital, Tue 27 May 08
I'd prefer to be working for Macquarie right now than almost any other bank you care to mention. It's been only lightly burned in the credit crunch and is in the one business that's showing good long term growth - infrastructure. Ok you might not make as much as last year, but you'll make a hell of a lot more than at Merrill or UBS.
Add your comment »Rob, Derivatives, Tue 27 May 08
Honestly - who writes this rubbish? The mere fact bonuses are going to be down this year is hardly evidence of a bank in crisis - Macquarie has shown far less falibility than some of the major international houses such as UBS. The industry is in a down cycle; it's happened before and it will happen again. Making big statements in a short article with no analysis whatsover does the author no credit.
Add your comment »Trent, Private Equity / Venture Capital, Wed 28 May 08
All banks go through blips and that's all this is
Add your comment »MacDaddy, Investment Banking / M & A, Wed 28 May 08
Rob, ohhhh, sorrrrrrry, can we not say a bad word against the untouchable Macquarie!? Facts are facts - they results were down - they share price has gone down too.
Add your comment »Nicholas, HR & Recruitment, Thu 29 May 08
Their result is probably the best of any large investment bank in the world and that is testimony to their risk management and like it or not ability to see the credit crunch earlier than just about everybody else....a write down of less than $300 million - the other global banks and many of their staff would give their jobs for that!!!!
Add your comment »countryboy, Thu 29 May 08
"The pin-up boy of Aussie finance, which is currently on a hiring spree in the US and Europe, seems to be taking on the role of spoiled brat as its profits and share price tumble"
Jeez, what drivel. Profits tumble? Didn't Macquarie just announce a record profit? Hello? How is that tumbling? What rubbish.
Yes they did acknowledge that it may be tough to repeat that performance next year, but hey, who has handled the past 12 months better - UBS, Bear Sterns, HSBC, RBS, Fannie Mae, AMBIAC or Macquarie? huh?
Headhunter - Finance, Investment Banking / M & A, Thu 29 May 08
'the world’s love affair with Macquarie Group' = Obviously written by an Australian without a passport.... Step outside of this island and Mac are hardly known; and not even in the top 40 IB's globally!
Walk the streets in the major finance capitals in the world and ask a random about Macquarie - they'll probably direct you to Mcdonalds. Ergo they are going to fall over when first expanding in new markets. As a headhunter I love Macquarie - they provide me with frustrated / bullied candidates for my Global clients.
HOANG STEVEN THANH NGUYEN, Investment Consulting, Thu 29 May 08
Is the world’s love affair with Macquarie Group about to come to a bitter and twisted end?
Compare Macquarie with other banks, itwould be silly to think that Macquarie Group is doom or end. If you look at the US banks, EUR banks, and Aussie Banks, which Bank has more successful during mortgage subprime or financial crisis. Macquarie is posted 23% profit*, which Bank does actually deliver those kind of profit during this time of crisis?
Ask yourself this question.
mchann man, Thu 29 May 08
I would like to get the MA Headhunter's contact details who like the Bullied Macquarie Talent. I know of one who would love to make a change
Add your comment »mchann man, Trading, Thu 29 May 08
I would love to speak with you about a Bullied MacQ employee who would be a real asset to any operation and would relocate for the right oppotunity. Please forward your contact details to larry@mchann.net
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