Goldman Sachs bullish on Australian banks, adds to holdings

Sydney

GOLDMAN Sachs Asset Management's Dion Hershan invested in Australian banks as concerns about capital levels and a weak economy battered their shares, betting that efforts to improve efficiency will bolster earnings.

The US firm, which oversees about A$6.5 billion (S$6.7 billion) in Australian equities, added holdings while Commonwealth Bank of Australia and its competitors sank and price swings became the widest in almost two years.