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, 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
