Macquarie products and markets manager makes $39 million, surpassing CEO By Reuters
© Reuters. SUBMIT PICTURE: The logo design of Australia’s most significant financial investment bank Macquarie Group Ltd decorates the primary entryway to their Sydney workplace head office in Australia, October 28, 2016. REUTERS/David Gray/File Photo
SYDNEY (Reuters) – Macquarie Group (OTC:)’s products and international markets (CGM) department head made about A$57.6 million ($39 million) for the year ending March 31, topping the CEO’s A$32.8 million payment, according to the Australian bank’s yearly report.
Nick O’Kane’s 59% pay bump – he made A$36.2 million in the last fiscal year – followed CGM contributed 57% of the Sydney-based company’s net revenue, more than double the second-best property management department.
Macquarie published another record yearly revenue on Friday, mainly driven by a strong efficiency from the CGM department, as more consumers hedged versus unpredictable energy markets.
The Ukraine war and unforeseeable weather condition in North America improved product costs throughout the duration, and turned Macquarie’s oil, gas and power trading system into an earnings powerhouse due to the fact that of raised threat management and enhanced trading.
“Inventory management and trading increased substantially, driven by trading income from regional supply and demand imbalances primarily in North American gas and power markets.” Macquarie stated in its declaration.
Chief Executive Shemara Wikramanayake stated while the business stayed “cautious”, Macquarie’s varied international operation throughout annuity-style and markets-facing organizations set the phase for “superior performance” in the medium term.
($1 = 1.4901 Australian dollars)