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Macquarie Group blames global economy for 52% drop in profits

Macquarie Group has blamed the global economy for its 52 per cent drop in post-tax profits for the year ending May 2009.

In a letter sent to shareholders today the Australian banking giant, parent of the Macquarie wrap in the UK, said profits for the past financial year were £425.5m, or $AUS871m, representing a 52 per cent decline on the previous year, when it posted a £881m profit.

It also recorded write-downs of £1.2bn.

The letter sent by chief executive officer Nicholas Moore and acting chairman Kevin McCann said the drop in profit and the total write-downs was a result of the “extremely challenging global operating environment”.

It says: “As you would be aware the past financial year was very challenging. It was a year in which all financial institutions around the world were tested not only by a highly disrupted operating environment, but also by the spread of this disruption to other sectors and the broader economy.”

But it adds: “We have entered Macquarie’s fortieth anniversary year enthusiastic about the new initiatives that we are pursuing across all our businesses.”


The custard clause

OK, I give up – where’s it hidden? I know it has to be in there someplace but I’ve had a good old rummage around and I can’t seem to find it anywhere.

Sesame pans oral exams

Sesame has warned that the FSA’s plans to allow oral assessments for QCF level four will not do enough to recognise advisers’ skills.


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