From today's GSJBW cable: Weaker Growth, Slowing Housing: Implementing a Short Banks View
GSJBW banking team has cut earnings revisions across the sector and downgraded ANZ and CBA from a BUY to a HOLD. Their equity strategist has also moved to be underweight banks.
They also go through 2 scenarios:
1. Positioning for modest downside in Aussie Banks
2. Low-cost positioning for Large Downside in Aussie Banks
They may be in better shape than their global peers, but the fact that they are still operating with a wholesale funding guarantee isn't exactly ROBUST now is it???
