Glenn Stevens feels the burn from Macquarie’s worried investors
The former RBA governor has seen off a global financial crisis and angry borrowers. Can he turn around an undercurrent of anxiety at the Millionaires Factory?
Glenn Stevens had a long career at the RBA before joining the Macquarie board. Tim Beor
The last time Glenn Stevens was under such intense pressure, he found himself on the front page of a Sydney tabloid with the question “is this the most useless man in Australia?” Compared with 2008, when he was the Reserve Bank of Australia governor in the midst of the global financial crisis, Stevens is now facing a very different kind of challenge.
The chairman of Macquarie Group, the investment banking and asset management powerhouse he became a director of in 2017, is walking a narrow line, caught between regulators angry about persistent failures and investors who want to see executives brought into line.
Jemima WhyteSenior reporterJemima Whyte writes on business, specialising in companies, capital markets and innovation. Jemima has reported on business for The Australian Financial Review for more than 13 years. Email Jemima at jemima.whyte@afr.com
