Macquarie Group (MQG) – Balancing act
August 5, 2025
Macquarie Group provides diversified financial services in Australia, New Zealand the Americas, Europe, the Middle East, Africa, and Asia. It operates through four segments: Macquarie Asset Management (MAM); Banking and Financial Services (BFS); Commodities and Global Markets (CGM); and Macquarie Capital. Macquarie Group is headquartered in Sydney.
Macquarie Group (MQG) told shareholders at its annual meeting that first-quarter FY26 profit was lower than a year ago, as weakness in its asset management and commodities and global markets (CGM) businesses outweighed gains in the banking and financial services (BFS) operation and the Macquarie Capital arm. No formal numbers were provided in its commentary, and full-year FY26 guidance was left unchanged, given the softness in CGM was driven by seasonally weak activity in US energy trading.
The investment bank and asset manager also recorded a shareholder vote of more than 25% vote against its remuneration report, thus generating a 'first strike' in legal terms, following controversy over whether executive pay packets had been sufficiently docked following a series of regulatory compliance problems. This is a tricky situation for Macquarie, having to balance executive accountability for meeting the compliance requirements of more than 200 regulatory bodies around the world with keeping key staff on board in the face of reduced compensation prospects. Macquarie also flagged that 28-year company veteran Alex Harvey would step down as CFO. Harvey’s exit comes as a surprise to Ord Minnett and suggests CEO Shemara Wikramanayake is not planning to move on any time soon.
Macquarie is exposed, both positively and negatively, to the market and geopolitical environments in which it operates, and this means risks to its earnings are greater than might be the case for other businesses. That said, its foresight in identifying global trends, such as the digitisation of the economy and infrastructure expansion as urbanisation intensifies, and its track record of shrewd investment decisions to profit off those trends, makes the company an attractive investment option on a medium-term view.
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Macquarie Group (MQG) – Balancing act
Macquarie Group provides diversified financial services in Australia, New Zealand the Americas, Europe, the Middle East, Africa, and Asia.

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