Unlike the banking sector, this post is on the money. major acquisitions, especially foreign (ANZ Grindlays, NAB USA Home State) and the billons wasted on digitisation and IT enhancements, online platforms, just more recycled announcements, very little achievements of note. Look at ANZ too much focus on green woke, same for WBC, and can recall one poster claiming the best Australian CEO was from NAB, I thought QAN CEO was the best according to QAN Chairman. Innovation, development for customer services not in the bankers DNA or lexicon, just a narrow obsession with cost out at the front end, and more bonuses for the top end. Agreed 1970's businesses, unable to progress or develop for a new economy and globalisation. How many billions were blown against the wall with noncompliance for AML, how many scandals, how many RC's or similar, sp's retreating with dividends. At best a moribund sector, if the fintechs could get it together, then the banking sector will just wither even more.
WBC Price at posting:
$21.53 Sentiment: None Disclosure: Held
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