Macquarie is expecting to rake in less income from its commodities business over the next six months due to lower market volatility.
Shemara Wikramanayake says Australian inflation is six months behind countries where rates have already been cut,but the economy is stronger in other areas.
Many of the investment behemoth’s top executives have had their pay cut by millions as green investments and lower commodity prices weighed on fiscal 2024 profits.
Shares in the investment giant slumped after it warned of a weaker first half for its flagship asset management business.
What passes for success – or even progress – is still a low bar.
The hefty pay packet comes after the division led by O’Kane drove the wider group’s full-year earnings 10 per cent higher to $5.2 billion.
Macquarie CEO Shemara Wikramanayake has welcomed the pick-up in immigration,saying it should help the economy be more resilient than peers.
Peter King,who runs Australia’s second-largest mortgage lender,signalled one of Westpac’s top concerns was how customers handled rising interest rates and higher unemployment.
Volatile energy and commodity markets have helped offset the weaker earnings in the investment heavyweight’s flagship asset management arm.
Macquarie Group boss Shemara Wikramanayake says the investment group is ready to pounce on any opportunities that emerge as the world economy weakens.
The market might be taking a turn for the worse,but the heavy-hitters of the financial world are still trading in bricks and mortar to the tune of the tens of millions of dollars.