Australia's Macquarie Group Ltd on Thursday announced plans to dismantle it...
) on Thursday announced plans to dismantle its shrinking financing unit, Capital and Asset Finance , once a key driver of profitability, as it confirmed guidance for a slightly lower profit in 2020.
The quarterly contribution to full year profit from its corporate asset finance, asset management, and banking services units were down from the first quarter last year, she said. That was partly offset by the profit contribution from units Macquarie classifies as “market facing”, including global commodities trading and Macquarie Capital, its investment banking unit.
In the years after the global financial crisis, the unit accounted for almost a third of Macquarie’s earnings, driving growth fueled by bets on largely non-investment grade debt. The firm’s half-year results would be re-stated to reflect the disintegration of CAF, Wikramanayake said.
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