Australian Banks Drop Most in Three Years From Record High
This article is for subscribers only.
Australian bank recorded their worst monthly performance in three years as investors cashed out of a rally that drove financial shares to a record high in April.
The S&P/ASX 200 Banks index plunged 12 percent this month, its biggest decline since May 2010. Westpac Banking Corp., the second-largest lender by market value, slid the most among the nation’s top four banks in the period, losing 15 percent.