Macquarie Group will continue its tech spend in the medium term, while working to identify cost saving initiatives.
In its annual general meeting on Thursday, Macquarie Group managing director and chief executive officer, Shemara Wikramanayake stated the organisation is confident it can “deliver superior performance” in its medium-term outlook.
Wikramanayake said Macquarie's “very customer focused digital banking offering”, was “driving very good growth in volumes for us,” as were the “annuity style businesses” of banking and financial services.
Future performance “is supported by our ongoing programs to identify cost savings and efficiency, our ongoing investment in technology and the strong and conservative balance sheet we've maintained throughout as well as our proven risk management framework and culture,” she said.
The medium-term outlook across its BFS division will see continued modernisation of technology to improve the client experience and support growth.
Earlier in the year, Macquarie created a new global head of engineering, with Matt Ellis stepping into the new leadership spot.
In its first quarter update, 2023 Macquarie Group reported a profit of $4.7 billion, up 56 per cent on FY21.
Wikramanayake said favourable trading conditions were cited as reasons for Macquarie’s operating groups delivering a net profit contribution, up from the first quarter of the 2022 financial year, although trading conditions did “soften” during the quarter.