The Australian banking sector is 'in trouble': Strategist

The Commonwealth Bank of Australia says it will pay a 98¢ final dividend, although its full-year cash net profit fell 11.3% to A$7.3 billion. Mathan Somasundaram of Blue Ocean Equities predicts that problems in the banking sector could rise as government subsidies supporting them diminish.
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Wed, Aug 12 20202:56 AM EDT