SYDNEY: Australia's Macquarie Bank Ltd warned yesterday that investment banking revenues would be significantly lower in the second half, sending its shares down as much as much as 7.4%, their biggest fall in four years.
The division, which accounted for more than half of first-half group operating earnings, has been hit by the absence of large second-half performance fees from its listed investment funds, which have had a sluggish performance against stock indices.
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