, Columnist
Investors Won’t Like a More Exciting Macquarie
To survive the 2008 crisis, Australia’s go-go investment bank turned boring. That’s still the right strategy.
The bank’s market-facing businesses have come roaring back.
Photographer: Brendon Thorne/Bloomberg
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Whisper it, but Australia’s millionaires factory had until recently risked looking a bit boring.
Macquarie Group Ltd., the country’s largest investment bank, got the nickname in the go-go years before the 2008 financial crisis when returns ran freely and bonuses were rich. To survive the crisis, it remade itself into something akin to a bond fund.