Macquarie Mortgage Boss Paid More Than CBA CEO Amid Loans Push

Macquarie Mortgage Boss Paid More Than CBA CEO Amid Loans Push

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(Bloomberg) — Greg Ward, the Macquarie Group Ltd. banker in charge of the firm’s drive to grab a bigger slice of Australia’s mortgage market, will earn more than the boss of the country’s biggest bank for home loans, as the far smaller rival chips away in the ultra-competitive industry.

Macquarie grew its share of the nation’s mortgages to about 5.3%, according to the firm’s earnings report Friday. Commonwealth Bank of Australia has for years been the biggest player in home loans with around a quarter of the market.

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Ward’s remuneration in the 2024 financial year will be A$11.1 million ($7.3 million), up about 4% from the prior year, the firm’s annual report showed. CBA Chief Executive Officer Matt Comyn was paid A$10.4 million in 2023, its most recent disclosure showed.

“We’ve been investing a lot in the home loans business and you’ve seen the growth come over years in that space,” Ward, the boss of the firm’s retail banking arm, said on a call Friday.

Macquarie’s home-loan portfolio increased to A$119 billion, driven by strong demand in lower loan-to-value ratio lending and owner occupiers. It’s a business growing so fast that it was labeled a “maverick” and emblematic of a competitive market. That argument helped cement a failed antitrust case in which competitor ANZ Group Holdings Ltd. was allowed to acquire regional rival Suncorp Group Ltd.’s banking arm.

The retail business “is offering a customer-experience-focused digital banking offering here with a long runway to grow in home loans, business banking and wealth,” Macquarie Chief Executive Officer Shemara Wikramanayake told investors on the call Friday, highlighting it as a bright spot for the firm, in an otherwise disappointing financial year.

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Nick O’Kane, the former commodities and global markets head who left to join Mercuria Energy Group, forfeited compensation after stepping down in February. He’ll get just A$1 million, down from more than A$57 million the year before.

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