Macquarie Profit Drops as Long-Time CFO Harvey Plans Exit

Macquarie Group said first-quarter fiscal-2026 net profit declined from a year earlier, citing softer contributions from its Asset Management division and its Commodities and Global Markets unit. The Australian investment bank reported a capital surplus of A$7.6 billion at 30 June and a Level-2 common-equity Tier 1 ratio of 12.7%, while assets under management at Macquarie Asset Management stood at A$945.8 billion. Alongside the earnings update, the bank announced that Chief Financial Officer Alex Harvey will step down on 31 December 2025 and retire after an extended handover concluding in mid-2026. Harvey, who has held the post for eight years, will be succeeded by long-time Macquarie executive Frank Kwok, currently deputy CFO. The leadership change comes as Macquarie faces a lawsuit from Australia’s securities regulator alleging the bank misreported up to A$1.5 billion in short sales over 15 years. Macquarie said it remains confident in its medium-term outlook and indicated that potential remuneration impacts from the case will be considered in fiscal 2026.