Australia's Macquarie bank profit Slips 16%

Macquarie Group Ltd., has recorded his profit for the first half to have registered a slip of 16 %, holding higher employment costs and unceasing weakness in investment markets across the world as the main culprit.

Australia's largest investment bank reported its profit to have fallen to 403 million Australian dollars ($394 million), not in line with the forecast made by Macquarie at the beginning of September.

The results pushed its share price on the higher side during the Friday’s trade. Macquarie shares registered a rise of 3.4 % touching AU$35.72 by early afternoon.

"Market conditions continue to be uncertain and we are continuing to see weak market conditions which are impacting some of our major businesses", Moore was quoted saying. "But we've seen some improvement in markets in September and October".

The company recorded its operating expenses to have marked a rise of over 23 % compared to the figure recorded for the preceding year. The main trigger is claimed to be the 26 % rise in employment expenditure and costs linked to the recent acquisitions in the United States and Europe.

The recent acquisitions witnessed an addition of 1,408 staff in the last 12 month, with the present arms of the business requiring 1,367 new staff, taking net employees sphere to 15,533.