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Banks face falling profits, rising costs and branch closures, report warns

Discussion in 'Market News' started by Lily, Nov 2, 2015.

  1. Lily

    Lily Forum Member

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    After nearly 20 years of growth on back of mining and housing booms, KPMG report says banks must tackle challenges or lose to stronger competition

    Australia’s big four banks face a mounting threat from falling profits and rising costs which could result in reduced dividends and branch closures in coming years, a report has said.

    After nearly 20 years of stellar growth on the back of the mining and housing booms, the banks must tackle the challenges or see their grip on lending and financial services loosened by upstart disruptive competitors, the consultancy KPMG warned in the report.

    Related: Australian shares battered after Woolworths profit warning and ANZ target miss

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