Macquarie Group

Macquarie Private Wealth, a retail division of Macquarie Group (ASX:MQG), has been found by the Australian financial watchdog ASIC (Australian Securities & Investments Commission) to have compliance deficiencies and have found that a significant number of advisers have breached compliance.

• Four year covert surveillance by ASIC found that Macquarie Private Wealth (MPW) failed to give proper advice to clients and failed to keep proper client records.

Hundreds of jobs could be lost as the Macquarie Group, (ASX:MQG) faces a weak investment market. For the first time since early 2009, Macquarie shares dropped below $30 last week and prompted a Citigroup analyst to recommend workforce cuts.

Macquarie wages have recently fallen below international averages and staff had already been lost to Asian companies with more lucrative offers, according to chief executive Nicholas Moore.

Macquarie Group (ASX:MQG) appoints Ken Savio as managing director and head of is securities in the US. The newly appointed chief was the former head of global entities at Cantor Fitzgerald.

Australian based investment bank, Macquarie Group (ASX:MQG) have announced a lower profit warning as a consequence of subdued global markets affecting the majority of its businesses. MQG said in an announcement to the stockmarket that it expects its second-half profit for the six months to the end of March 2011 to be around 5% lower than in the year-ago period.

US Venture Fund, Accel Partners have bought an investment into the OzForex business, an online foreign exchange service. OzForex is majority owned by Macquarie Private Wealth, which bought a majority share in 2007 and is a subsidiary of (ASX:MQG). The OzForex Group, which operates as OzForex, UKForex, Canadian Forex and NZForex. Accel would not reveal the size of its investment, but rumours place the transaction as between $70-110 million.

Australian based global investment bank, Macquarie Group (ASX:MQG), has seen its first half profit fall by 16 percent, however, the company said it expects a full year result "broadly in line" with the prior year. MQG blamed the weak result on a subdued market and higher operating costs. Net profit in the first half of fiscal 2011 was $403 million, down from $479 million in the prior corresponding first half.

Australia's largest investment bank, Macquarie Group (ASX:MQG), has announced a profit warning that the first-half year profits will be down 25%.

Australian investment banker, Macquarie Group (ASX:MQG) has delivered its third profit warning in three months. At an investor presentation in London, yesterday, it was revealed that volatile financial market conditions is likely to be 25 percent below market expectations. Macquarie's first half profit for the six months to September 30 would drop to $359 million (from $479 million the previous year).