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  "documentTitle": "Goldman Sachs Sixteenth Annual ANZ Investment Forum Presentation",
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      "text": "Commodities and Global Markets (CGM): Strong customer base expected to drive consistent flow; Consistent contribution from Specialised and Asset Finance; Business benefitted from strong market conditions YTD",
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      "text": "Macquarie Capital (MacCap): Assume market conditions broadly consistent with FY19; Investment-related income will be down on a particularly strong FY19",
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      "text": "Banking and Financial Services (BFS): Higher deposit, loan portfolio and platform volumes; Competitive dynamics to drive margin pressure",
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      "text": "Macquarie Asset Management (MAM): Base fees expected to be up on FY19; Combined performance fees, investment-related income and net operating lease income expected to be broadly in line",
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      "text": "Corporate: Compensation ratio expected to be consistent with historical levels; Based on present mix of income, the FY20 effective tax rate is expected to be broadly in line with FY19",
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      "text": "1. Note certain assets of the Credit Markets business, certain activities of the Cash Equities business and the Commodity Markets and Finance business, and some other less financially significant activities are undertaken from within the Non-Banking Group.",
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