Poseidon and the other banking gods
In the intriguingly titled “Poseidon and the other banking gods” top trader Andrew Kinsey asks what the fate is for banks, not just in South Africa but around the world. Poseidon is an appropriate figure of speech as the mythological god was grumpy and powerful – and these are grumpy COVID-19 times, with powerful banks perhaps not as invulnerable this time as they imagined. If there was ever a time for executives to earn their money it is now. There will be casualties. This note examines banks that are representative of South Africa, US and Britain. Only one bank is likely to emerge stronger – and that is a US bank. A good pair trade is identified too.
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