There were three tell-tale signs within Macquarie’s first-half profit results that signalled the financial services giant was preserving capital.
That implies the commodities house, asset manager and investment banking group is positioning to execute an acquisition, or capitalise on growth opportunities that are thrown up while financial markets remain volatile and dislocated. It also suggests Macquarie’s board anticipates a tougher macroeconomic climate, and wants more capital in its coffers to withstand any emerging pressures.
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