Here is a novel twist – an investment banking chief bowing out of his own accord and, moreover, quitting while he is ahead. Allan Moss is handing over the reins after 15 years as chief executive of Australia’s Macquarie Group. His departure will coincide with another year of record profits, according to company forecasts.

The trouble is the market does not quite believe it. Shares plunged 9 per cent on Wednesday, outpacing a 3 per cent fall on the broader index (although, to be fair, tracking its peer Babcock & Brown). Mr Moss’s departure is a surprise but, given his 30 years at the company, hardly premature. The bigger concern is performance. Macquarie reiterated its full-year profit forecast of at least A$1.8bn, a year-on-year increase of 23 per cent but a shade below consensus. Although second-half earnings should at least match those of the same period in 2007, all bar one of seven operating units expect earnings to be lower or flat. Macquarie reckons it can bridge the gap thanks to a A$9bn infusion of capital raised as part of its restructuring. This cash will earn interest and – under the complex formula used for calculating bonuses – result in a reduced payout relative to earnings. But that is a one-off fillip.