Macquarie's new-look investment bank winning plaudits

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Macquarie Group CEO Nicholas Moore’s reshaping of the investment bank is winning plaudits from analysts who say the overhaul will lead to more predictable profits.

Bloomberg News reports that the consensus rating on Macquarie is close to the highest level in more than four years and it is the fourth-best liked stock on the Australian 50 Leaders Index among analysts, data compiled by Bloomberg show. Investors concur: The stock is trading at the highest since before the global financial crisis.

Moore’s efforts - he’s cutting half of the investment banking workforce in Asia, people familiar with the matter said this week - are in step with moves by competitors like UBS to reduce reliance on the boom-and-bust business of underwriting stock sales and advising on acquisitions. Moore is instead expanding in areas such as aircraft leasing, oil storage and fund management in search of more stable revenues.

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

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