Why has Australia's biggest bank Commonwealth Bank (ASX:CBA) just suffered its biggest share drop in years? The bank is valued at more than $270 billion, released its trading update for the first quarter of the new financial year and missed expectations. Despite posting a $2.6 billion quarterly cash profit CBA referenced rising competition from rivals. CEO Matt Comyn said CBA is watching the increased competitive intensity and implications across the financial system. #fintok #shares #money #inv
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