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Daily Dispatches: Job cuts boost Macquarie profits

Macquarie has beaten analyst forecasts with a 17% rise in full-year profits. The Australian bank has announced profits of $851 million, as it benefited from the global market recovery and cost cutting.

Expenses were down 10% compared with a year earlier, mainly because of an 8% fall in employment costs.

As we reported in January, Macquarie has been cutting staff from its equities business. Stockbroking arm Macquarie Securities continues to suffer – it made a loss of A$50 million, compared with $194 million a year earlier.

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