Macquarie Group has released its results, and profits have tumbled.
The bank’s first-half net profit slumped 39 per cent due to market challenges and fewer opportunities to trade assets.
Macquarie Group’s CEO, Shemara Wikramanayake, said, “Macquarie’s underlying client franchises were resilient in less certain market conditions.”
The board has also approved a share buyback of up to $2 billion.
Today’s results come in light of reports the Macquarie Group is conducting job cuts across its banking and financial arms.
