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Macquarie?s business model is changing

Generic pic of Sydney CBD this evening. 
Business profiles.....  Westpac, Macquarie Bank, Commonwealth Bank, Lumley, KPMQ.
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Macquarie?s business model is changing

Generic pic...
Macquarie Group CEO Nicholas Moore

MELBOUNE,AUSTRALIA -SEPTEMBER 7, 2012: Photo.
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Macquarie Group CEO Nicholas Moore

MELBOUNE,AUSTRALIA...
Nicholas Moore stressed the importance of retaining staff.
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Nicholas Moore stressed the importance of retaining...
Nicholas Moore has seen a 72per cent rally in Macquarie?s share price over the past  year

AFR.26 OCTOBER 2016.Photo by ROB HOMER........
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Nicholas Moore has seen a 72per cent rally in Macquarie?s...
PAID $13.1 MILLION: Nicholas Moore.
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PAID $13.1 MILLION: Nicholas Moore.
Macquarie boss Nicholas Moore has defended the bank.
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Macquarie boss Nicholas Moore has defended the bank....
Peter Maher

SPRINTSCAN 00000000000 PETER MAHER OF MACQUARIE BANK.  PETER IS ONE OF THE FIRST EVER OUTSIDERS BROUGHT INTO THE BANK.

MAHER; PHOTO PAUL JONES; 010427; BRW MAGAZINE; ATT JAMES DAVIES.
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Peter Maher

SPRINTSCAN 00000000000 PETER MAHER OF...
The head of Macquarie?s private wealth arm, Eric Schimpf, is sure to come under board scrutiny.

BOSS.  Portrait of Eric Schimpf of Macquarie Private Wealth story about him settleing into Australia
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The head of Macquarie?s private wealth arm, Eric Schimpf,...
Brett Himbury of IFM Investors, the RBA'€™s Guy Debelle and Shemara Wikramanayake of Macquarie Funds.
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Brett Himbury of IFM Investors, the RBA'€™s Guy Debelle...
On the rise: Shemara Wikramanayake's division has reported higher profits.

Shemara Wikramanayake, Global Head of Macquarie Funds, Macquarie Funds Management at the Latin AMerica AUstralia Forum.
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On the rise: Shemara Wikramanayake's division has reported...
AFR.   Pic of Tayna Branwhite from Macquarie Group.  Photographed in her offices at 1 Martin Place Sydney.  Pic by Nic Walker.
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AFR. Pic of Tayna Branwhite from Macquarie Group....
Macquarie's lead equities strategist Tayna Branwhite.

AFR.   Pic of Tayna Branwhite from Macquarie Group.  Photographed in her offices at 1 Martin Place Sydney.  Pic by Nic Walker.
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Macquarie's lead equities strategist Tayna Branwhite.

AFR....
Tanya Branwhite, seated, with Rikki Bannan, left, and Mei Ni Chu, part of the equities strategy team at Macquarie Group.

AFR.
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Tanya Branwhite, seated, with Rikki Bannan, left, and...
Macquarie 170707 AFR photo TAMARA VONINSKI  generic Macquarie Bank SPECIALX 67346
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Macquarie 170707 AFR photo TAMARA VONINSKI generic...
Caught in a three-way trap...it looks like the jig may be up for the investment bankers.
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Caught in a three-way trap...it looks like the jig...
A well-known formula...Macquarie Office Trust management fees increased by 25 per cent.
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A well-known formula...Macquarie Office Trust management...
Aacquarie stock fell almost 10 per cent to $20.60 yesterday.

Macquarie Bank. The new Macquarie Bank building at Cockle Bay, Sydney. 10 November 2008. AFR Photo by Andrew Quilty.
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Aacquarie stock fell almost 10 per cent to $20.60 yesterday.

Macquarie...
At the forum:  Julia Gillard with IMF chief Christine Lagarde.
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At the forum: Julia Gillard with IMF chief Christine...
At the forum:  Macquarie Group?s Nicholas Moore, Westpac?s Gail Kelly and  Wesfarmers? Michael Chaney.
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At the forum: Macquarie Group?s Nicholas Moore, Westpac?s...
PICEDITOR-SMH
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PICEDITOR-SMH
Peter Clare is the Group
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Peter Clare is the Group
Former Macquarie Bank employee Sean
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Former Macquarie Bank employee Sean
Macquarie Bank Chairman David Clarke
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Macquarie Bank Chairman David Clarke
PICEDITOR-SMH
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PICEDITOR-SMH
MACQUARIE AFR 050728 PHOTO BY
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MACQUARIE AFR 050728 PHOTO BY
PICEDITOR-AFR
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PICEDITOR-AFR
PICEDITOR-SMH
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PICEDITOR-SMH
MOSS.SYD.AFR.980501.PIC BY BELINDA PRATTEN.STORY BY
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MOSS.SYD.AFR.980501.PIC BY BELINDA PRATTEN.STORY BY...
MACQUARIE.961126. SMH.BUSINESS. PHOTO BYJONATHON MARSDEN.
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MACQUARIE.961126. SMH.BUSINESS. PHOTO BYJONATHON MARSDEN....
MACQUARIE.961126.SMH.BUSINESS.PHOTO BYJONATHON MARSDEN. SHOWS DAVID
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MACQUARIE.961126.SMH.BUSINESS.PHOTO BYJONATHON MARSDEN....
MACQUARIE; SYDNEY; 960603; PIC BY
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MACQUARIE; SYDNEY; 960603; PIC BY
MACQUARIE BANK. AFR. 001116. PIC
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MACQUARIE BANK. AFR. 001116. PIC
MACQUARIE.961126.SMH.BUSINESS.PHOTO BYJONATHON MARSDEN. SHOWS ALLAN
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MACQUARIE.961126.SMH.BUSINESS.PHOTO BYJONATHON MARSDEN....
MACQUARIE;961126;SYD;PIX GILIANNE TEDDER;AFR;STORY R HOGAN,BANKING,27TH
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MACQUARIE;961126;SYD;PIX GILIANNE TEDDER;AFR;STORY...
961126.SMH..PHOTO BYJONATHON MARSDEN. SHOWS DAVID
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961126.SMH..PHOTO BYJONATHON MARSDEN. SHOWS DAVID
MACQUARIE; SYDNEY; 960603; PIC BY
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MACQUARIE; SYDNEY; 960603; PIC BY
MACQUARIE; SYDNEY; 960603; PIC BY
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MACQUARIE; SYDNEY; 960603; PIC BY
MACQUARIE; SYDNEY; 960603; PIC BY
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MACQUARIE; SYDNEY; 960603; PIC BY
MACQUARIE.951204.PHOTO BY ANDREW MEARES.SMH BUSINESS....MACQUARIE
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MACQUARIE.951204.PHOTO BY ANDREW MEARES.SMH BUSINESS....MACQUARIE...
MACQUARIE BANK: SMH BUSINESS: PICS
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MACQUARIE BANK: SMH BUSINESS: PICS
MACQUARIE BANK.MELB.941129.AFR. PIC BY ERIN
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MACQUARIE BANK.MELB.941129.AFR. PIC BY ERIN
Allan Moss from Macquarie Bank
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Allan Moss from Macquarie Bank
Macquarie Bank co-founder Mark Johnson
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Macquarie Bank co-founder Mark Johnson
Allan Moss, CEO of MacQuarie
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Allan Moss, CEO of MacQuarie
Allan Moss, CEO of MacQuarie
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Allan Moss, CEO of MacQuarie
Peter Clare is the Group
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Peter Clare is the Group
PICEDITOR-SMH
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PICEDITOR-SMH
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