...you won't read this in the lithium HC stock forums either.
...but quite frankly, the local EV market means nothing in the overall scheme of things.
...the bigger message is what the banks think of auto. Not that bullish on EVs. Macquarie exits car lending to double down on mortgages James EyersSenior Reporter
Updated Apr 22, 2024 – 12.09pm,first published at 11.46am
Macquarie’s banking and financial services division will stop writing car loans to allow it to fully focus on growing market share in mortgages and deposits, resulting in the loss of about 100 jobs.
Macquarie will no longer make automotive loans under its own brand from Monday, and has given brokers 48 hours to submit any final car loan applications before it switches off the product to brokers by mid-May.
It expects about 100 bankers, mostly in its sales, credit and customer-facing teams, to be out of a job as a result of the decision, while a few people will be redeployed.
Macquarie will continue to service existing car loans over the next few years until the back book fully runs off.
Macquarie’s head of personal banking, Ben Perham, said in a statement on Monday morning the decision would allow it to focus on mortgages and deposits. The company has been winning share from the major and regional lenders in these core products, and was described as a “maverick” competitor by the Australian Competition Tribunal in February.
