Macquarie Group (MQG.AX, MQBKY) reported that its net profit contribution for the first quarter of fiscal year 2026 declined compared to the same period in fiscal year 2025. Improved performance in Banking and Financial Services (BFS) and Macquarie Capital (MacCap) was more than offset by lower contributions from Macquarie Asset Management (MAM) and Commodities and Global Markets (CGM).
The company also announced that Alex Harvey has decided to step down as Chief Financial Officer and from its Executive Committee, effective 31 December 2025. Alex plans to retire mid-2026, after completing an extended handover to his successor, Frank Kwok.
Frank has also been with Macquarie for 28 years, most recently as Deputy CFO since March 2024 and as Group Treasurer. Before that Frank held senior roles in the Real Assets business of Macquarie Asset Management in several regions, including leading the team in Asia-Pacific and a four-year period as CFO of ASX-listed Macquarie Airports. He will take on his new roles and join Macquarie's Executive Committee, effective 1 January 2026.
Looking ahead, Macquarie said it continues to maintain a cautious stance, with a conservative approach to capital, funding and liquidity that positions it well to respond to the current environment.
The company noted that it remains well-positioned to deliver superior performance in the medium term with established, diverse income streams.
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June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.