An interesting perspective from Stephen Bartholomeusz in the business spectator, "Macquarie's lessons for JP Morgan".
http://www.businessspectator.com.au/bs.nsf/Article/JP-Morgan-earnings-investment-banks-deal-Macquarie-pd20101014-A86R8?OpenDocument&src=sph&src=rot
In summary, American investment banks will become more like Macquarie, which means more competition for Macquarie in a weak economic environment.
It's unusual for him to be that pessimistic, earlier this year he wrote an article titled "Magnificent Macquarie". At the moment it seems Macquarie can only maintain decent earnings by reducing staff compensation which could affect staff retention.
Volume was high today, hedge funds seem to be preying on the weak sentiment, or worse, there are more bad news to come.
whats wrong with macquarie, page-17
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