I don’t need to rewrite all the Royal Commission recommendations for you, so I’ll take those as understood. That said there are a few interesting observations this morning:
- Bank executives with the wrong culture will be trying not to laugh at the recommendations. Some are calling it a waste of time. I think not (see below).
- There is no separation of banking from financial advice which was the worst case scenario for the sector. The sector has escaped material road blocks to "business as usual".
- The short positions in the banks are likely to unwind - there is a good chance that the publication of these recommendations marks the bottom of bank sector sentiment - I am hoping so anyway. These are...Continue Reading