Market is telling you the dividend will be a lot less than $1.40. If you've been in the market for 29 years then you should know that a near 30% fall in sharemarket will have ramifications for the economy and things will slow down. Cost of funding for banks will go up, property market will go down, unemployment will go up. All things that will affect bank earnings.
I agree the banks are now oversold but too early to tell how their earnings will be affected.
WBC Price at posting:
$15.71 Sentiment: None Disclosure: Not Held
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