Indeed. I personally think that the banks still have some pain to come (maybe another 12 months as the scandals play out but if the Federal government can at least stop damaging the economy (I've given up hope of them improving it) home loans from a recovering property market might start to provide some tailwind some time in 2020.
This isn't a popular sentiment on here but the best thing for the industry would be heavy, heavy fines (billions, the equivalent of a half yearly profit, at least), a bigger management clean out and a back to basics imho. Share prices would initially tank but then recover strongly on better fundamentals. IMHO current holders would be ahead within 24 months.
But it won't happen because we don't do capitalism these days. We do corporate socialism instead. Slap on the wrist, a fine less than the profit from the misdemeanours and off you go. And shareholders crying foul. Too bad for customers though. Equal measures sad and pathetic.
The banks need to refocus on their core businesses, get (still) leaner and work out where their value lies because competition is only going to get worse. The easy money is going and banks with complacent management aren't going to be in a happy place in ten years imho.
I'm avoiding WBC for some time yet but starting to have a dabble on one of the others. Share prices usually recover on the prospect of good news rather than the actual but hard to see when that will be for WBC.
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