It’s often the case that when senior management changes occur, the after-effects can be felt through the organisation for some time to come.
It’s too early to tell what sort of executive after-effects might develop following the departure of Macquarie Bank’s long-standing CEO Alan Moss in May, but most believe it will be pretty much business as usual on the recruitment front when new boss Nicholas Moore steps in.
Macquarie expects to announce another record profit, of at least AU$1.8bn, from the year to March, despite a drop in second-half earnings as a result of the recent market volatility.
“Macquarie remains very profitable, well capitalised and well funded,” Moss told a briefing of investors and analysts.
Patersons Securities banking analyst Mark Topy believes Macquarie will be cautious in terms of its hiring plans over the short term, even though the bank remains well positioned.
“They have been very aggressive in broking and other areas in recent times, but I would suspect they will probably slow down on the hiring side in reaction to the market we’re in at the moment,” Topy says.
Yet Meredith Jordan, a consultant at Jon Michel Executive Search, says there’s unlikely to be much of a slowing off.
“I think Macquarie across the board is a strong hirer, purely because they are expanding quite heavily around the globe,” Jordan notes. “Their Sydney headquarters is a breeding ground for a lot of their bankers and analysts, who are then moved offshore, so they are constantly looking to pick up good talent in the market for that reason. They are a stable company and will continue to grow as they expand around the world.”