Its chief exec is retiring, 16 years of profit growth may be coming to an end, and its business model is under question. But who cares when Macquarie seems to be one of the only banks hiring wholesale right now?
Macquarie said last week that it’s added 330 people in London over the past year and that it wants more. It’s got around 30 people in its new equities business in London and New York and plans to double this “soon”.
So far, Mac Bank has remained fairly impervious to the credit crunch. But there are doubts about the Macquarie business model – and the new chief exec has said beating last year’s profits will be “challenging”.
Redundancies are unfortunately likely to outpace the appetite for fresh blood.
Last week’s slashers included Credit Suisse (in asset management), JPMorgan (on behalf of Bear Stearns), JPMorgan on behalf of itself, Deutsche, Morgan Stanley, KBC, Lehman and – TBC – Citigroup (again).
17,000 banking jobs are expected to go in NY between 4Q07 and 2Q09, according to the Mayor of New York’s budget office.
Credit crunch revelations were good and bad.
Among the good –
George Gross at Pimco seems to think mortgages are now a good bet.
HBOS securitized some mortgage debt.
Among the bad –
Corporate defaults are starting to look nasty.
European politicians got excited about a super regulator.
Lehman had a nasty few moments when its stock fell 5.8% on Wednesday after an analyst said its hedges weren’t working.
Citigroup stock fell 4.8% on the same day, due to problems at one of its fixed income hedge funds, whose value has fallen 75%.
Cheering news wasn’t entirely absent.
Estate agents are at least in as much pain as bankers.
The RHS is looking for a marketing executive to work on the Chelsea Flower Show.