Macquarie says securities unit earnings are likely to fall

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Macquarie Group said earnings at its securities division will probably fall this fiscal year after markets slowed in the three months through June.

Bloomberg News reports that lower volatility and trading volumes, particularly in Asia, also hurt some fixed-income, currencies and commodities units, the investment bank said in a statement.

Macquarie fell the most in more than five months in Sydney trading as the bank said earnings from its operating groups dropped in the first quarter of the fiscal year. Chief Executive Officer Nicholas Moore has focused on less volatile businesses including lending and funds management to offset the cyclical nature of investment banking and trading.

'The securities business is obviously very dependent on market conditions', Moore told reporters on a conference call Thursday. 'It is obviously suffering. The low volumes we’re seeing coming out of the Asian market are having a direct impact'.

To access the complete Bloomberg News article hit the link below:

Macquarie Cuts Outlook for Securities Unit on Slower Markets

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