Shares in Australia’s big four banks were lower on Tuesday as the consequences of alleged breaches of money laundering laws by Commonwealth Bank of Australia rumbled through the sector.
Shares in CBA were down 1.1 per cent after an initial climb, while those in Australia & New Zealand Banking Group were off 0.9 per cent. National Australia Bank was down 0.7 percent, while Westpac Banking Corporation had fallen 0.5 per cent.
CBA on Tuesday morning announced it was cutting short-term bonus pay for its top executives to zero after Australia’s financial crime-fighting agency accused the country’s biggest lender of 50,000 breaches of anti-money laundering and counter-terrorism laws.
The benchmark S&P/ASX 200 index was down 0.6 per cent in late morning trade in Sydney.