Australian investment banks are selling stock in Apple, Google and Facebook
The Australian investment banking industry is in the midst of a crisis as it tries to compete with tech giants Apple and Google in the fast-growing internet-connected financial services sector.
The problem is that the industries biggest names are struggling to maintain the momentum of their growth in the past few years and many are looking for ways to get their money out of the market, with the result that some of the most popular investment banks in Australia have been selling shares in Apple and Facebook.
The Australian Bankers Association, which represents the nation’s big banks, says it has been “trying to help” the industry as it works through a downturn in financial services.
In its latest quarterly results, the association said its members are seeing a slowdown in the pace of growth in their businesses and are looking at selling some shares of the two giants.