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'.
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