time for clear heads to prevail

Let's say Citibank are correct and ANZ takes a 2 BILLION hit on earnings.

Last year they earnt just over 4 Billion dollars profit after tax.

There are roughly 2 billion equivalent shares issued in ANZ.

So at the absolute worst this "crisis" could shave a single dollar of the share price.

Meanwhile, they trade at a discount relative to their peers with no significant threat to their normal earnings.

In fact their risk diminishes imho as the non-bank lenders fall away.

So looking at the big picture I cannot see why their current price is not compelling value.