Macquarie’s quarterly profit falls, CFO Harvey decides to step down
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Macquarie’s quarterly profit falls, CFO Harvey decides to step down
Australia’s top investment bank, Macquarie Group (MQG.AX) reported a decline in first-quarter net profit on Thursday. Chief Financial Officer Alex Harvey will step down at the end of 2025. Harvey will retire mid-2026 after completing an extended handover to his successor, Frank Kwok. The leadership changes come as Australia’s corporate regulator (ASIC) has sued Macqarie, alleging it misreported up to A$1.5 billion worth of short sales over a 15-year period.
Item 1 of 2 Macquarie Group Chief Financial Officer (CFO) Alex Harvey poses on the day they announced their annual profit in Sydney, Australia, May 9, 2025. REUTERS/Hollie Adams/File Photo
July 24 (Reuters) – Australia’s top investment bank, Macquarie Group (MQG.AX) , opens new tab , reported a decline in first-quarter net profit on Thursday and announced that Chief Financial Officer Alex Harvey will step down at the end of 2025.
Harvey will retire mid-2026 after completing an extended handover to his successor, Frank Kwok, who has been with Macquarie for 28 years and currently serves as deputy CFO, the company said.
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The leadership changes come as Australia’s corporate regulator (ASIC) has sued Macquarie, alleging it misreported up to A$1.5 billion worth of short sales over a 15-year period, misleading the market and violating transparency rules put in place following the global financial crisis.
Macquarie indicated it may adjust executive bonuses following the ASIC lawsuit, stating, “So far as remuneration impacts are concerned, this will be an FY26 matter, about which the board will come to a view over the period ahead.”
“As CFO for the last eight years, Alex has delivered a significant transformation in Macquarie’s financial management and stakeholder engagement activities, playing a key role in driving the global growth of the Group,” Macquarie said.
The bank’s first-quarter net profit declined due to lower contributions from its Asset Management arm and Commodities and Global Markets unit.
Macquarie Asset Management experienced a softer quarter compared to last year, with net profit contribution down primarily due to timing of investment-related income from asset realisations.
Meanwhile, Commodities and Global Markets unit’s net profit contribution fell due to reduced contribution from Commodities, which recorded lower net interest and trading income in North American Gas and Power.
Reporting by Roushni Nair and Sneha Kumar in Bengaluru; Editing by Mohammed Safi Shamsi
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