Macquarie’s banking and financial services division will stop writing car loans to allow it to fully focus on growing market share in mortgages and deposits, resulting in the loss of about 100 jobs.
Macquarie will no longer make automotive loans under its own brand from Monday, and has given brokers 48 hours to submit any final car loan applications before it switches off the product to brokers by mid-May.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
