24/03/2010
ANZ has warned that further aftershocks could be expected this year from the global financial crisis despite a recovery in financial markets.
Chief executive Mike Smith said the effect of the financial crisis was still being felt in the world's big economies.
"Although there's been a very strong recovery in asset markets over the past 12 months, that recovery is much less apparent in real economic activity around the world, which remains subdued at best," Mr Smith told a business luncheon in Perth yesterday.
"My own view is that having experienced what I think of as a major financial earthquake triggered by the collapse of Lehman Brothers in 2008, we are going to see further aftershocks and volatility this year as the global financial crisis works its way through the system."
Chief executive Mike Smith said the effect of the financial crisis was still being felt in the world's big economies.
"Although there's been a very strong recovery in asset markets over the past 12 months, that recovery is much less apparent in real economic activity around the world, which remains subdued at best," Mr Smith told a business luncheon in Perth yesterday.
"My own view is that having experienced what I think of as a major financial earthquake triggered by the collapse of Lehman Brothers in 2008, we are going to see further aftershocks and volatility this year as the global financial crisis works its way through the system."
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