Latest news with #MQG
Wall Street Journal
5 days ago
- Business
- Wall Street Journal
Macquarie Group's Profit Falls on Asset Management, Commodities
SYDNEY—Macquarie Group's MQG -4.46%decrease; red down pointing triangle fiscal first-quarter profit fell from a year earlier, as weakness at the Australian financial giant's asset-management and commodities businesses more than offset strong growth at its bank. Macquarie, which also said its long-serving chief financial officer would step down at the end of 2025, on Thursday reported a lower net profit contribution for the three months through June. It didn't quantify the decline.
Reuters
08-05-2025
- Business
- Reuters
Australia's Macquarie posts near 5% rise in full-year profit
May 9 (Reuters) - Australia's Macquarie ( opens new tab posted a nearly 5% rise in its full-year profit on Friday, driven by increased performance fees recorded by its asset management segment. The country's top investment bank reported a profit of A$3.72 billion ($2.38 billion) for the year ended March 31, versus A$3.52 billion a year earlier, slightly higher than a Visible Alpha consensus estimate of A$3.70 billion. ($1 = 1.5625 Australian dollars)
Reuters
06-05-2025
- Business
- Reuters
Australian regulator launches further crackdown on Macquarie Bank after compliance failures
May 7 (Reuters) - The Australian Securities and Investments Commission (ASIC) on Wednesday imposed additional conditions on the Australian financial services licence of Macquarie Bank, owned by Macquarie Group ( opens new tab, citing numerous serious compliance failures. The bank's compliance shortcomings, some of which remained unnoticed for a decade, pertained to its futures dealing business and its over-the-counter (OTC) derivatives trade reporting, according to the ASIC. Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here. The regulator's new conditions require Macquarie to prepare a remediation plan to address these failures and their root causes, enlist an independent expert to review and report on the remediation plan's sufficiency, and have the independent expert assess the effectiveness of Macquarie's remediation activities. "Our intervention underscores our concern with the recurrent nature of Macquarie's failures, which were caused by ineffective supervision and weak compliance and control management," the ASIC Commissioner Simone Constant said. This comes after ASIC's Markets Disciplinary Panel fined Macquarie in September 2024 with nearly A$5 million ($3 million) for failing to prevent suspicious orders being placed on the electricity futures market. The new licence conditions were set after the ASIC identified nine market conduct matters of concern in the last 18 months, it said. Macquarie acknowledged the ASIC's announcement and said it has cooperated with the regulator and consented to the licence conditions. Macquarie is slated to report its full-year earnings results on Friday, May 9. ($1 = 1.5375 Australian dollars)
