UBS Expects Macquarie's Incoming CEO Ward to Push Cost Cuts
Market Talk reports that UBS expects Greg Ward, set to take over at Macquarie, to prioritise cost reduction. The bank keeps a neutral rating on the stock.
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what happened
Market Talk reports, citing UBS analysts, that the incoming head of the Australian financial group Macquarie will probably devote more attention to expenses. Greg Ward is due to replace Shemara Wikramanayake next week, and UBS believes he will look for ways to trim costs.
In a client note, the analysts say guidance from the company will be crucial for judging when any targeted efficiency measures might arrive. They note that Macquarie's cost-to-income ratio of 65% remains high compared with rivals. By their estimate, lowering that ratio by four points could lift annual cash profit by roughly A$570 million.
UBS retains a neutral recommendation and an A$265 price target on the shares, which were up 1.0% at A$251.72 at the time of writing.
why it matters
The key question for investors is whether Ward gives a timetable for savings in upcoming guidance, since the cost ratio is a significant lever for earnings. This is an analyst view rather than a company decision, so its market impact is likely limited.
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- Macquarie's New CEO Likely to Increase Cost Focus — Market Talk, 29 October 2026 at 02:09 UTC
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