The latest bout of volatility on the Australian sharemarket continues to be led by a sell-off of stocks in the big banks. The share prices of the banks were already on the slide before sharemarkets were hit by a wave of selling that started last week and has continued into this week. Over the past year, big bank share prices have fallen between 14 per cent and 21 per cent.
Elio D’Amato, executive director of Lincoln Indicators, says the big banks’ future revenue-generating capabilities are “becoming hindered”, as costs are rising from increased regulation and compensation to affected customers.
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