Banking: Macquarie’s masters of reinvention
As he approaches 10 years at the helm, Macquarie CEO Nicholas Moore runs a business quite different from the one he inherited during the financial crisis. Capital market risk has been replaced with steady annuity-style income – but he says innovation and individuality has survived the transition.
There has rarely been a transformation of a bank as dramatic as the one Nicholas Moore has orchestrated as CEO of Macquarie Bank. And yet it is hard to pin down a moment when it happened. Macquarie’s has been a reinvention by stealth.
Moore stepped into the top job in May 2008, at possibly the worst imaginable time, just as the global financial crisis squared up to hit the institution.
The bank he inherited from Allan Moss – who, in counterpoint to Moore’s misfortune, managed possibly the most well-timed bank CEO departure in history – had achieved impressive growth based to a large extent on capital markets businesses.