Macquarie sounded a distinctly bearish tone on Friday, when management said results from three divisions that contributed two thirds of the group's earnings last year are expected to fall this year if market conditions don't improve.

The group said profits from Macquarie Securities, Macquarie Capital and the fixed income, currencies and commodities divisions fell in the first quarter from a year ago and could underperform fiscal 2010 unless markets improve. The divisions were Macquarie's three largest in fiscal 2010. Macquarie Securities contributed A$580m (€400m) to the group's fiscal 2010 profit from operating groups, Macquarie Capital added A$657m and FICC A$827m.