Macquarie Group (ASX:MQG) is Australia’s leading investment bank, and one of the biggest companies in the Australian share market.
MQG has evolved over time into a complex portfolio of businesses which include banking, investment banking, asset management and private equity.
Today MQG cut its 1H12 profit guidance due to difficult trading conditions at a number of its key divisions.
MQG noted that the Macquarie Capital, Macquarie Securities and Fixed Income, Currencies and Commodities businesses were all suffering from the recent market volatility.
1H12 net profit is forecast to be lower than the prior corresponding half’s $403 million result. However, FY12 earnings were still expected to top FY11 due to an improved second half.
The FY12 outlook was predicated on no further deterioration in market conditions.