Macquarie Group’s Ltd (ASX:MQG) CEO and Managing Director Nicholas Moore, says earnings in the June quarter were slightly higher than the corresponding 2009 period, but the outlook is less certain.
Mr Moore has warned that weak global market conditions have caused some of its key businesses to report lower earnings for the three months to June 30.
Mr Moore says global investment banking fees were the lowest since the June quarter of 2004.
Uncertain market conditions make short-term forecasting difficult, says Mr Moore, and unless conditions improve Macquarie expects a weaker 2011.
Macquarie Group reported a profit of over $1 billion for the year ending 30 March 2010.