Sydney - The head of Australia's most admired financial institution was stoic Friday after taking a 99-per-cent pay cut following investment bank Macquarie Group's first fall in profit in 17 years.

   Macquarie chief executive Nicholas Moore saw his annual pay dip from 26 million Australian dollars (18 million US dollars) to a relatively paltry 290,756 Australian dollars.

   "My pay packet and the pay packets of all Macquarie Group executives is based on the underlying profitability of the organization," Moore told reporters.

   Macquarie, the nation's biggest investment bank, used to be called the "millionaires factory" because of the gigantic performance bonuses earned by its top executives.

   Moore said that performance-linked pay worked both ways, with plunging profits being reflected in sharply reduced remuneration.

   And he indicated that the good times would not roll around soon. "We have experienced over 18 months very volatile markets and we are not calling the end to that volatility," the 23-year veteran of Macquarie said.