Australia’s largest investment bank Macquarie Group has been trying to rediscover its purpose since the millionaire factory’s satellite formula was brought undone so comprehensively by the global financial crisis. The silver donut’s failure to recognise, or at least manage, the problems with its European operations has brought into question how the bank can reform itself and where the required leadership will come from. The Australian Financial Review’s Chanticleer columnist Tony Boyd says much of it will come down to the company’s managerial philosophy, which is looking increasingly outdated. On perhaps a more patriotic note, The Australian’s Barry Fitzgerald says a lot would need to change for Glencore International to ever truly rival local heroes BHP Billiton or Rio Tinto, even with Xstrata under its belt. And of course there’s more about yesterday’s ‘surprising’ decision by the Reserve Bank of Australia.
But first, The Australian Financial Review Chanticleer columnist Tony Boyd seriously asks whether Macquarie can continue to allow some of its stars to construct global businesses if this is the kind of results such generosity produces.