The Australia-headquartered banks, which announced results last week, also unveiled a number of boardoom changes.

Macquarie, which announced results for its half-year to 30 September last year, has appointed Glenn Stevens as an independent director, taking effect from 1 November.

Stevens has held a number of senior roles at Reserve Bank of Australia for 20 years, rising to the pinnacle of governor between 2006 and 2016. This was a period that saw him at the helm during the global financial crisis, Australia’s mining boom, and an extended period of low interest rates.

Separately, after 25 years of service, Stephen Allen, Macquarie’s chief risk officer and head of risk management group, has announced he intends to retire and will step down from Macquarie’s executive committee on 31 December. Effective 1 January 2018, Macquarie’s chief financial officer and head of financial management group (FMG), Patrick Upfold, takes over from Allen in the CRO and head of RMG roles.

Effective the same date, Alex Harvey, global head of principal transactions in Macquarie Capital, will succeed Upfold as chief financial officer and head of FMG and will join the executive committee. Harvey joined Macquarie in 1999.