Business
Macquarie warns of challenging outlook as profits slide by a third – Sydney Morning Herald
The investment banking giant says tough market conditions amid the COVID-19 crisis have made it impossible to make profit forecasts after reporting a 32 per cent…
And the consequences of the pandemic would continue to be felt, she warned. Macquarie’s assets under management have shrunk by 7 per cent since March to $556.3 billion.
The profit declines were slightly milder than forecast by Goldman Sachs, which predicted falls of 34 per cent and an interim dividend of $1.30.
Goldman Sachs predicted Macquarie’s income from fees would drop by 5 per cent over the half as market conditions deteriorate before “staging some recovery” early next year as merger activity…
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