U think it will go 10% lower on the open? There might need to be a CR if that happens as they will be undercapitalised.
Given they have all these problems with governance, risk and compliance (GRC), it beggars the question what they are doing about it? Here in New York, all the banks and broker dealers that merged or were affected by the Great Recession had to materially increase their coverage of GRC. BAML is 10x the cost base, has far more disclosure, as is Goldman Sachs, Wells Fargo (where still events happen), JPM, Morgan Stanley, Citi and TD who have all increased their cost base and GRC coverage.
I never hear of that in Australia which is really strange as the banks make up a fair proportion of the market. Perhaps a new Government or some Class Actions and subsequent capital raisings may rectify matters.
Australia has always been a very different place to the world, the banks are the main case in point IMHO but pls DYODD.
If the government loses Bennelong on Saturday, the temperature on the banks and the “bank bashing” may have. A second wave, and that would be very bad for CBA’s position and potential CRs IMHO. Equity irradicated?
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