Macquarie’s reputation as Australia’s “millionaires factory” is under strain. The investment giant’s latest profit fell short of expectations, sending its shares sliding and investors questioning whether its golden era is fading. Commodities trading – once the powerhouse of the bank – is losing steam amid regulatory pressure and a calmer market, while leadership faces scrutiny over pay and performance.

Bloomberg’s finance editor Adam Haigh joins Rebecca Jones to unpack what’s gone wrong, where the bright spots remain, and whether CEO Shemara Wikramanayake can steady the ship. Plus, how Macquarie stacks up against Australia’s big four banks in an increasingly competitive lending and investment landscape.