All of the banks reduced dividends after the start of the COVID crash. Some (including WBC) actually didn't pay a H120 dividend as a direct result of the depressed conditions after March 2020.
The reasons for the diminished dividends more recently are difficult to attribute with complete accuracy, with new ESG requirements, governance scandals, APRA requirements etc. However, as banks more and more resemble large building societies, many feel the banks are simply not such attractive businesses any more ... any downturn in housing markets makes that worse.
Many well-known advisors currently have a SELL recommendation on most banks, but I suppose that could pivot on various developments in the broader economy.
P.S. I went from 'Held' to 'Not Held' a few months ago and have since lost several 1000s in growth & divvies, so what do I know? Still hold other banks.
WBC Price at posting:
$23.50 Sentiment: None Disclosure: Not Held
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