As the $220 billion Commonwealth Bank surpassed BHP to become Australia’s most valuable company this month, the hyper-rally in bank stocks has become the major talking point in markets.
Given the banks’ stratospheric valuations, many investors are scratching their heads and asking: can the eye-popping gains be sustained, or will the big banks – which have outperformed the ASX 200 – fall back to earth?
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
