The effective profit downgrade from Australia's largest investment bank came after it sold its margin lending book, which had almost halved in value in just four months, reports The Australian.
Macquarie sold the $1.5 billion book to Bendigo and Adelaide Bank, but will retain a $500 million stake.
The lending book was valued at $2.9 billion at the end of September, but $900 million has been wiped off as the bank's clients and investors dumped margin loans.
Macquarie's earnings warning said profits could be hurt this half by global volatility.
"Importantly, during the quarter to December, market conditions were exceptionally challenging for almost all of Macquarie's businesses, adversely impacting levels of business activity and profitability," the bank said.
"The outlook statement provided at the interim results noted that unprecedented market conditions make short-term forecasting extremely difficult and was subject to a number of swing factors."
The bank plans another $3 billion in asset sales before its year-end in March, with transactions expected in Hong Kong and real estate investments and some mortgage warehousing deals.
Macquarie does not expect job cuts, given the remainder of the staff are likely to be redeployed into the bank's structured lending business.
Overall job reductions at Macquarie have been the most savage in Australia, with the bank slashing at least 200 staff in the past few months.
The majority of analysts expect Macquarie to book a 2009 fiscal profit of $1.2-$1.5 billion, in light of its healthy $1.8 billion last year, although there are forecasts as low as $1 billion.
Read more in The Australian.
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