Shareholders in the big four banks celebrated a record day of gains as the Hayne royal commission recommendations left the structure of the banking sector intact, triggering a historic relief rally in financial industry stocks.
The surge in major bank stocks triggered the single biggest increase in their combined market capitalisation in history as almost $20 billion was added to the value of the four biggest banks.
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Sarah Turner is the editor of the AFR Weekend Perspective section based in our Sydney newsroom. Email Sarah at s.turner@afr.com
Vesna Poljak is the Companies editor. She was previously the Markets editor with a special interest in the investment industry, hedge funds and accounting. She is based in the Sydney newsroom. Connect with Vesna on Twitter. Email Vesna at vpoljak@afr.com
Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
