Investment bank Macquarie Group says its performance in the first quarter of its new financial year has deteriorated because of weak market conditions.
The deterioration in performance is when its latest quarter is compared to results in the previous quarter ending in March.
However, when compared to the subdued start to the last financial year its performance has actually picked up.
Macquarie does not provide specific profit figures in its quarterly updates, but says it posted flat growth in assets under management over the first quarter to $323 billion.
The head of Macquarie Group says the bank is watching the developments in the eurozone with a degree of nervousness.
Chief Nicholas Moore says he cannot predict how or when the eurozone debt crisis will be resolved.
"I think we're not expecting a material change in terms of the situation in the short-term, but obviously like everybody were prepared for any particularly adverse outcome from a European view point," he commented.
Macquarie is holding its annual general meeting in Sydney today, where it is facing questions about executive pay, and a share price that has slipped from around $85 at the end of 2007 to less than $24 today.
Mr Moore says the company is aware it has work to do.
"We are absolutely committed to getting a better return on our equity for shareholders," he emphasised.
"We think we're going down a sensible path in terms of delivering that, and every person in the organisation is very, very focussed on a better return for shareholders." Despite the assurances, investors gave the update a cool reception, sending Macquarie shares down 1.5 per cent to $23.94 by 12:46pm (AEST).
However, shareholders overwhelmingly approved the company's remuneration report, with around 98.5 per cent of shareholders voting in favour.