Macquarie Group

Macquarie Group’s share price has fallen around 3% following the latest quarterly profit announcement from its much larger rival US investment bank Goldman Sachs. The pair’s business models are virtually identical, as we explained in Macquarie versus Goldman Sachs on 28 Mar 12 (Hold – $29.55), so comments from Goldman chief executive Lloyd Blankfein that ‘market conditions deteriorated and activity levels for both corporate and investing clients were lower given continued instability in Europe and concerns about global growth’ augur poorly for Macquarie (it has a 31 March year end). The dollar amount of cash products traded on the...

Macquarie Group’s share price has fallen around 3% following the latest quarterly profit announcement from its much larger rival US investment bank Goldman Sachs. The pair’s business models are virtually identical, as we explained in Macquarie versus Goldman Sachs on 28 Mar 12 (Hold – $29.55), so comments from Goldman chief executive Lloyd Blankfein that ‘market conditions deteriorated and activity levels for both corporate and investing clients were lower given continued instability in Europe and concerns about global growth’ augur poorly for Macquarie (it has a 31 March year end). The dollar amount of cash products traded on the ASX for the 2012 financial year also fell 11% and capital raised dropped 43%, which explains the appalling returns and layoffs in the investment banking sector.

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