If Randal Jenneke also said that he personally was mortgaging his house to fill his boots with bank shares it would hold a lot more weight with me. It is easy to have an opinion but how many of these guys actually invest their own money.
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Down 6.5% off no real news?
Check this out from this morning...
https://nzx.com/companies/ANZ/announcements/279828
Hedge funds around the world continue to short aussie banks
Do they know more than the banks.
Betcha if ANZ 'own up' to another $100m to make bad debts $1 billion for 1/2 year the situation is worse than that
Even so, with over 2.9b shares on issue another $100m - about 3.5cps - isn't going to break the bank.
To be fair to ANZ they did say "at least" $100m.
They seem to have been caught in a slightly compromising position regarding exposure when the tide went out mining and their Asian adventure. That said it will probably give Shayne Elliot a licence to really take ANZ to a size and structure that can deliver value to shareholders. I've been trying to find out more about ANZ and it seems in New Zealand they still have a lot of duplication even years after the National Bank merger started. They have two call centers for example, quite a sprawl of offices/branches and they've not yet fully merged databases or IT infrastructure (which is why when customers change address for example post can end up going to multiple addresses). You have to be optimistic that a more active leadership team could sort out issues like that fairly quickly.
Likely will be lower in the coming weeks
Next problem coming up for ANZ and other banks are the 35,000 owner operated long haul truckies in Australia as the prices set by the Road Safety Remuneration Tribunal take effect soon
Makes these guys totally uncompetitive and probably forced out business
The Australian says $15 billion outstanding on loans for these rigs