Sure the RC has dug up serious concerns about wealth management advisors and banking issues around prudent lending criteria etc.
However, if you have a fundamental belief in markets correcting ie property market will soften and then rise again, then investing in bank stocks like Westpac will pay off for you. Particularly at these $28 levels, far below valuations of serious and sound thinking analysts who see valuation well above $30.
I topped up my holding in SMSF at $27.75 yesterday, seeing that it is yielding over 7% fully franked! DYOR
WBC Price at posting:
$28.30 Sentiment: Buy Disclosure: Held
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