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Morgan Stanley boss James Gorman delivered the frightening forecast about the expansionary mindset that drove the export of buy now, pay later from Australia.
A middling result and the end of ANZ’s cost reduction target will challenge the market’s confidence in Shayne Elliott’s growth strategy, even as rates rise.
Expect margins to contract even more as reporting season kicks off but as interest rates rise, there are still plenty of headwinds for the big banks.
The jury is out on whether lenders can hang onto the windfall from higher interest rates.
Bank stocks have jumped on the prospect of rate hikes, but rising funding costs and competition concerns could blunt any margin boost.