Latest news with #FrankKwok
Yahoo
6 days ago
- Business
- Yahoo
Macquarie's quarterly profit falls, CFO Harvey decides to step down
(Reuters) -Australia's top investment bank, Macquarie Group, 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. 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.
Reuters
6 days ago
- Business
- Reuters
Macquarie's quarterly profit falls, CFO Harvey decides to step down
July 24 (Reuters) - Australia's top investment bank, Macquarie Group ( 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. 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.
Yahoo
6 days ago
- Business
- Yahoo
Macquarie's quarterly profit falls, CFO Harvey decides to step down
(Reuters) -Australia's top investment bank, Macquarie Group, 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. 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. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
6 days ago
- Business
- Bloomberg
Macquarie Chief Financial Officer Alex Harvey to Step Down
Macquarie Group Ltd. Chief Financial Officer Alex Harvey will step down and retire after completing a handover. Harvey will also step down from the executive committee effective December 2025 and then retire after handing over to Frank Kwok, according to a statement Thursday from the Sydney-based firm.
Bloomberg
6 days ago
- Business
- Bloomberg
Macquarie CFO Harvey to Step Down
By Ben Westcott and Save Good morning everyone, it's Ben here in chilly Melbourne, here's what's making headlines today. Today's must-reads: • Macquarie CFO stepping down • Fortescue iron ore shipments hit quarterly high • Australia to ease restrictions on US beef imports Macquarie Chief Financial Officer Alex Harvey will step down effective December 31, the financial group announced alongside its first quarter trading update. Harvey will retire from mid-2026 after handing over to his successor Frank Kwok.
