The plunge in Bendigo Bank’s share price on Tuesday – down 8.5 per cent, taking its fall since November 6 to 22.2 per cent – is about much more than the anti-money laundering (AML) “deficiencies” the company has admitted to.
This is yet more evidence that a painful correction in banking stocks is gathering momentum, as investors wake up to the creaking economics of the sector, and the fact that regional banks like Bendigo are in a particularly difficult spot.
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