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.