In the medium term, Macquarie Group will keep investing in technology while looking for ways to cut costs.
Shemara Wikramanayake, managing director and chief executive officer of Macquarie Group, said the company is optimistic it can “achieve excellent performance” in its medium-term perspective during its annual general meeting on Thursday.
According to Wikramanayake, Macquarie’s “highly client focused digital banking offering” and the “annuity model businesses” of banking and financial services are “generating very good growth in volumes for us.”
The medium-term prognosis for its BFS business shows that technology will continue to be modernised in order to enhance the client experience and enable expansion.
Matt Ellis took up the new leadership position after Macquarie appointed him as the organization’s new global head of engineering earlier this year.
2023 Macquarie Group recorded a profit of $4.7 billion in its first quarter update, an increase of 56% over FY21.
Despite the fact that market conditions “softened” during the quarter, Wikramanayake said that favourable trading conditions were to blame for Macquarie’s operating groups generating a net profit contribution, up from the first quarter of the 2022 financial year.
