A plunge in Macquarie’s annual profit has cast fresh doubt in investors’ minds about the financial giant’s ability to make big returns from buying and selling businesses exposed to the energy transition as deals dry up.
Macquarie, Australia’s global bank known locally as the ‘Millionaire’s Factory’, reported a 32 per cent drop in annual net profit to $3.5 billion on Friday.
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Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com
James Eyers writes on banking, finance, payments, regulation and emerging technologies. Based in Sydney, he is a former legal and investment banking editor at the AFR and has been a business journalist for more than 20 years. Email James at jeyers@afr.com.au
