8 Feb 2012

Macquarie expects 25% drop in profit

12:03 pm on 8 February 2012

Macquarie Group, the largest investment bank in Australia, expects full year profits to drop by 25%.

In a statement the company said its trading and investment banking operations were the worst hit.

The BBC reports the outlook was grimmer than expected. Shares in Macquarie fell 5% afterwards.

Last year, the bank reported a net profit of $A956 million. Macquarie has cut 928 jobs since March 2011.