Is the bank cactus, page-3

IMO and based on my experience of having worked for the banking sector, I think this will turn out to be the biggest banking scandal in Australian history to date. The market doesn't see that yet. Though I think that's because our banks got away fairly unscathed after the Global Financial Crisis and Australians are used to our banks behaving the way they do (gouging customers which is why Australian banks have the best returns amongst banks GLOBALLY).

This morning's announcement was an admission of guilt with offer of pay cuts as a plea for mercy. IMO it confirms that the CBA see that this could become a huge problem for them.

Couple that with a now imminent Royal Commission into the sector and a banking sector which is over-leveraged to a residential housing bubble in Australia and I see a long descent in the share price for CBA from here on.

Go short the banks if you want some form of hedge against your house price falling.