| Where Macquarie makes its money | |
| Asset & infrastructure | 35% |
| Treasury & commodities | 26% |
| Corporate finance | 11% |
| Banking and property | 10% |
| Investment services | 9% |
| Equities | 9% |
| Direct investment | 0% |
| Profit (half year to Sept 1998) | A$80.5m (+25%) |
| Source: Macquarie | |
You said recently that commercial banks can’t do investment banking. Can you elaborate?
Allan Moss: Commercial banks find it very hard to maintain a commitment to investment banking. Historically you can see a number of cycles. In the 1970s and 1980s as well as in the 1990s commercial banks have moved into and out of investment banking.
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