Boss leaves 'Millionaires Factory' with $90m

7 February 2008

Australia's highest earning banker is leaving his post at the bank known as the 'Millionaires Factory' with a $90 million golden handshake.

Macquarie Bank's chief Allan Moss is retiring from his post in May and is expected to pocket around $90 million in cash, shares and bonuses when he leaves.

The loss of the head of Australia's largest investment bank has shocked analysts and caused share prices to drop steeply.

But Mr Moss insisted that all was well at Macquarie and forecast a record-breaking annual profit of at least $1.6 billion, which would represent a rise of 23 per cent.

"Macquarie remains very profitable, well capitalised and well funded," Mr Moss said in a Sydney briefing. "Our holdings of cash and liquid securities are currently more than three times normal liquidity levels."

"We continue to record strong market shares and are experiencing continued good volumes in most businesses," he added.

The Australian Shareholders' Association's deputy chairman, Stephen Matthews, said Mr Moss was one of Australia's most significant investment bank managers and in 2005 the banker was nominated by Forbes as one of the world's most influential businessmen,

Nicholas Moore, who is head of Macquarie Capital, is set to take on Mr Moss' role at the bank.

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