Govt Threatens Major Bank Shake-up Over Modest Profits
November 8, 2022
Newshub can reveal the Government is poised to announce a major change to banking, which experts say will slash their profits.
It comes as Prime Minister Jacinda Ardern is being challenged to back-up her criticism of banks’ super profits with an inquiry - but she said this isn’t on the way.
Ardern didn’t think it was justifiable for banks to be making massive profits. But one banking expert said the banks boasting almost $10 billion in pre-tax profits isn’t necessarily bad.
“If banks aren’t making a profit, that means they’re making a loss and that’s when banks fail,” said Claire Matthews.