Macquarie cuts jobs, profit falls 24 percent

Macquarie cuts jobs, profit falls 24 percent

Macquarie Bank warns of lower profit Source: The Australian

Macquarie Group CEO Nicholas Moore received $ 7.8 million, despite a 24 percent reduction in corporate profits. Image: File Source: The Australian

Macquarie Group CEO Nicholas Moore pocketed $ 7,800 in 000 people same year, the company reported a 24 percent drop in profits and more than 1,300 jobs.

Significantly lower investment activity will remain Macquarie capital markets business fell in March 31, and measures to reduce costs were not against the profit decline.

Macquarie shed 1,354 positions in 12 months to March, or nine percent of its workforce, with a total of 14,202 employees.

The largest number of job losses came from his Macquarie Securities business, which was also the worst performer in the group.

One-third of the employees, or 581 points, were the Macquarie securities transferred.

“ They had a variety of reasons, but all returned to try to do things more efficiently and effectively,” Mr. Moore told reporters today.

“ We have duplication within the organization to have.

“ We had two living areas, we had three systems that would do the same.”
Macquarie Securities has grown into a $ 378 million improvement in the annual figures for the loss of $ 194 million to write for the year 31 in Ma rch.

Macquarie Capital, which deals with corporate finance and mergers and acquisitions, 60 percent fall in full year profit of $ 85,000,000.

They contribute to the Macquarie Group profits for the year in March to $ 730 million, a decrease of $ 956 million last year.

Mr Moore said he expects that the success Macquarie Group to improve in fiscal year 2013, subject to market conditions do not deteriorate.

He said he hoped the debt problems of Europe were not progressive, and are designed to the cash rate cut by the Reserve Bank of Australia was the confidence of investors in the short term to increase.

“ Australia is a very important part of our company and its many features that come from Australia, which should give people a degree of confidence,” Mr Moore said.

“ We expect that normally (a rate cut funds) to be good and solid angle.

“ It makes the cost cheaper capital, whether it’s housing or something else , and secondly, it can affect the dollar and we know that many businesses suffer due to the dollar.”

Mr Moore’s salary for the years to March totaled $ 7,790,000, a decrease of 10 percent from $ 8,690,000 last year.

More than half of their wages in the form of shares and $ 2,050,000 in cash paid as profit sharing.

Other top executives have similar large cuts in their remuneration, except for the head of Macquarie Funds Sem Wikramanayake that compensation increased 31 percent to $ 7,360,000.

Macquarie declared a final unfranked dividend of 75 cents per share, taking the total dividend for the 12 months to $ 1.40, unfranked.

shares rose 90 cents or 3.17 percent at $ 29.33 in 1532 fueled.

Rinehart and Palmer have a One Track Mind

Rinehart and Palmer have a One Track Mind

Clive Palmer and Gina Rinehart are looking for your own personal lines to their mines in the Galilee Basin. Photo: The Courier-Mail Source: The Courier-Mail

richest Australian man, WA billionaire Gina Rinehart. Source: The Australian

They are two of the biggest billionaires Australia, both accustomed to getting what they want.

What website tycoons want is their own railroads to the coal mines they plan to Galilee Basin in Queensland.

But Newman Government is placed in the unenviable position between billionaires and warned that it wants only a trace.

The common fate of more than $ 15000000000, and no love lost between the two, industry insiders say, to convince the couple to share, one of the biggest challenges in government Newman.

Galilee complicate matters given the Indian billionaire Gautam Adana also wants his railroad to me his mission, while the QR National has shared a song that nobody wants to use.

Vice-Premier Jeff Seeney said yesterday The Courier-Mail that he had written to both Mr and Mrs Palmer Rinehart this week to warn them that a railroad was preferred by the government.

Mr Seeney invited to the powers of the coordinator-managers, the authority to acquire land needed include to use.

Mr and Mrs Palmer Rinehart can legally continue to pur sue their own laws, but they would be left to the mercy of landowners beyond the 500 km route from the mines in the Abbot Point coal terminal. Mr Seeney said he was a “complete debacle,” but the government inherited was placed on a track because it was in the interest of farmers and the environment.

“If all of these solutions were built we would end up with a sort of spaghetti mess of lines on this part of North Queensland,” he said.

Mr Seeney said the job would be to offer savings to all lawyers would have to work hard to do it alone, without the coercive power of government purchases.

Mr Seeney admitted the task of getting the billionaires to adopt not be easy.