Global investment bank Citi downgraded its recommendations for ANZ (ASX: ANZ), Commonwealth Bank of Australia (ASX: CBA), National Australia Bank (ASX: NAB) and Westpac (ASX: WBC) this week after diminishing rate cut expectations exposed significant downside risks.
It said any chance of a cut was progressively being pushed out, leaving banks exposed to poor earnings at rich valuations.
Citi’s downgrades come a month after Macquarie Bank (ASX: MBLPC) told its clients to be “underweight everything” in the banking sector.
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