Okay first, that was in the 1930s, hi Great Depression era. That was an exceptional age in human history and societies have heaps of safety nets to prevent depressions now, I think.
Secondly, banks WILL have to cut if they basically can't afford to payout. That all depends if profits start sliding too much from here.
I feel Australia is still growing quite strongly and CBA/WBC will increase profits slightly or will have below or close to flat earnings - that's on the assumption bad debts stay flat and there are no nasty write-offs.
ANZ/NAB are a different story, if their share prices fall to $14/$20 respectively then they will have to cut and it will hurt confidence.
current dividend yield, page-4
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