Moss departure makes markets mean

The chief executive of Macquarie Group, Allan Moss, has announced his retirement and from May will be replaced by Nicholas Moore, currently its investment banking chief. Mr Moss reassured investors that the he was leaving the company in great shape and was handing it over to an outstanding successor but markets were not convinced. Shares in Macquarie were cut by 9 per cent yesterday, falling $6.06 to close at $61.10, but Macquarie blamed falls on Wall Street for this which saw the local market down 3 per cent. Macquarie is expected to announce another record profit of $1.8 billion in May, 23 per cent more than last year.

Source: Sydney Morning Herald