Australia's big four are reported to be in 'bear-market territory'... Cash to become extinct?...
Big four in 'bear-market territory'
ANZ, National Australia Bank, Commonwealth Bank of Australia and Westpac Banking Corp are all reported to be in 'bear-market territory', according to an article in the Sydney Morning Herald, defined as a fall of more than 20 per cent from a peak in price.
Investors wiped in excess of $85 billion off their combined market value this year, seeing the drop of more than 20% to about $390 billion.
ANZ shares fell lowest, losing 23.9 per cent from their April peak of $37.25, with the remaining three banks falling more than 21%.
Cash to become extinct?
Expect to see fewer automated teller machines in Australia, as the Reserve Bank predicts a decline in the number of ATMs since consumers prefer to pay digitally, according to an article in the Sydney Morning Herald.
The cost of maintaining the machines are outweighing the returns as consumers use them less, banks and other owners of ATMs reported, with the number of withdrawals falling by about 20% since 2009.
The Commonwealth Bank said it made $54 million a year in revenue from ATM fees, while it cost $160 million to maintain the network.
ANZ, National Australia Bank, Commonwealth Bank of Australia and Westpac Banking Corp are all reported to be in 'bear-market territory', according to an article in the Sydney Morning Herald, defined as a fall of more than 20 per cent from a peak in price.
Investors wiped in excess of $85 billion off their combined market value this year, seeing the drop of more than 20% to about $390 billion.
ANZ shares fell lowest, losing 23.9 per cent from their April peak of $37.25, with the remaining three banks falling more than 21%.
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Cash to become extinct?
Expect to see fewer automated teller machines in Australia, as the Reserve Bank predicts a decline in the number of ATMs since consumers prefer to pay digitally, according to an article in the Sydney Morning Herald.
The cost of maintaining the machines are outweighing the returns as consumers use them less, banks and other owners of ATMs reported, with the number of withdrawals falling by about 20% since 2009.
The Commonwealth Bank said it made $54 million a year in revenue from ATM fees, while it cost $160 million to maintain the network.
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