Daily Dispatches: a mixed day for Macquarie
Macquarie Group has achieved another win in its campaign to expand its US operations, appointing a top Wall Street executive to run its debt capital markets business. Christopher Hogg, developer of a corporate financing tool that was hugely popular in the 1990s, started with the investment bank this week as a managing director. Macquarie lured the Wall Street veteran from Bank of America Securities, an investment banking subsidiary of Bank of America, where he was co-head of its financial institutions capital markets group from 2008. (The Australian)
The nation's mortgage holders might have been holding their breath for the Reserve Bank's announcement on interest rates yesterday, but one operative at Macquarie Bank apparently had better things to do. During Channel Seven's live cross to the bank's Shelley Street headquarters for its analysis of the decision, viewers' attention was drawn away from the banker doing the talking, Martin Lakos to his colleague in the background ogling at pictures of a naked woman on his computer screen. (Sydney Morning Herald)
Deutsche Bank has lured Canberra political advisor Tim Jordan to the banking world. The bank announced today it had hired Jordan from Penny Wong's office, where he worked as a senior advisor to the minister for climate change and water. (The Australian)
The changes being wrought at Suncorp-Metway under the recently appointed chief executive, Patrick Snowball, have received a significant boost from one of the main ratings agencies, which is expecting the bancassurance group to report improved profits later this month. (The Age)
For a rather dour fellow, RBA chief Glenn Stevens certainly knows how to throw a surprise party. From hiking smack in the middle of an election campaign; to the first cut before Lehman collapsed; to the three 100-pointers -- helping deliver 375 points of cuts over four successive meetings; to the first hike last October; to the "unprecedented three-in-a-row"; to yesterday's pause: it's just been one `surprise' after another. (News.com.au)
Insurance Australia Group is the latest company to join a rush of corporates to lift their profit forecasts as the economy rebounds from the global financial crisis. Australia's top car and home insurer lifted its full-year insurance margin to between 11.5 and 13 per cent, up from a previous forecast of 9 to 11 per cent on lower claims, cost and favourable credit spreads. (Sydney Morning Herald)
