Macquarie Group yesterday provided an update on its earnings outlook for the year to March 2012 that analysts interpreted as being an "operational downgrade".The group told shareholders yesterday, at its annual meeting, that it "continued to expect an improved result" in the 2012 year, over 2011, and noted that the profit in the half year to September 2011 was likely to be lower than in the same period six months earlier.A higher profit in the second half will include a planned cash distribution from its associate, Macquarie Airports, in the order of $130 million to $140 million after tax, according to analysis by Goldman Sachs.The investment bank put present consensus earnings estimates for Macquarie for 2012 at around $1.167 billion. It suggested there would be "material consensus earnings downgrades" on the back of yesterday's outlook update.Various sell-side investment analysts have already been scaling back estimates for Macquarie, stirring up air around investor discontent over a claimed need for a reshaping of the company's strategy - including an attack on its cost base.The AGM didn't hear of any initiatives along these lines yesterday, but rather received a standard survey of the highlights and the outlook across the six main business units.Compared with the outlook three months ago, Macquarie now expects slightly better earnings from its funds management business and slightly lower earnings from its commodities business.In its narrow "banking" business, Macquarie said it was looking at "run-rate cost savings" of between five per cent and 10 per cent from "system rationalisation, process improvement and portfolio mix adjustment".One initiative was to outsource servicing and origination for its Canadian home loan business.Meanwhile the Australian Financial Review reported that Macquarie had entered into a three-year outsourcing agreement, covering support and maintenance services for some of its technology infrastructure, with IT services company HCL Technologies.The agreement with the Indian-based firm is worth around A$10 million, the AFR reports.