While Macquarie and ANZ are trading ex-dividend, the share price of CBA was down on the revelation that its third quarter profit fell 28% to $1.7 billion in the three months to March.
Earlier this week, it was reported that part of this new ‘plan’ to lift profits included the possible removal of up to 10,000 (or one in four) CBA employees in an effort to cut costs by almost $2 billion.
The Australian ‘Big Four’ — Australia And New Zealand Banking Group Limited [ASX:ANZ], National Australia Bank Limited [ASX:NAB], Westpac Banking Corporation [ASX:WBC] and Commonwealth Bank of Australia [ASX:CBA] are all seeing declines today. ANZ's Share Price is down 0.95%.
This morning, the ASX market wiped as much as $22 billion off of its value, as nervous traders shied away from global market slumps. Currently, the S&P/ASX200 index is down 1.21% or 74.9 points to 6120.30.
The ANZ share price was the worst hit. At time of writing it is down 2.52%, trading at $27.05. Much of this can be attributed to the appearance of Westpac and CBA before the House of Reps standing committee on economics.
Despite the smackdown Australian banks experienced yesterday with the release of Kenneth Hayne’s 954-page report from the Banking Royal Commission, the Big Four Australian banks are trading higher today.
Commonwealth Bank of Australia [ASX:CBA] shares have dropped by 2.19% today, another sharp decline in a year plagued with massive amounts of volatility.
Last week, Assistant Governor of the Reserve Bank of Australia made a speech about money and credit. Sounds boring, right? Well, that’s what the bankers would like you to believe...
This morning, Commonwealth Bank of Australia [ASX:CBA] has dropped by 1.03% in share value. They have been consistently dropping for an entire year. Last April, they were trading at $87.40 a share, now they are only trading for $75.01. Commonwealth’s…
While CBA looks inviting with a grossed up yield of 8%, I’d happily watch how this plays out on the sidelines for now. In my view, the energy sector is now in the early stages of a new bull market. This may not be apparent immediately. After all, most bull markets start out with scepticism.