Bad debt charges spook bank investors
The sharemarket was once again gripped by anxiety that rising bad debts at the banks could point to more trouble ahead.
Jonathan ShapiroSenior reporter
Updated
The value of the major banks fell by almost $25 billion in two brutal days on the sharemarket because investors are worried credit losses will accelerate and hurt profits.
The four major banks fell between 2.4 per cent and 3.4 per cent on Tuesday, following Thursday's revelations by ANZ Banking Group and Westpac Banking Corp that soured corporate and consumer loans would force them to increase bad debt provisions.
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