The Australia and New Zealand Banking Group (ASX: ANZ) share price is taking a beating today following an announcement it made to the market early this morning.
The share price has fallen 4.9% today to trade at $24.09, while it has now lost a little over 8% since the beginning of the week.
Notably, shares of Commonwealth Bank of Australia (ASX: CBA), National Australia Bank Ltd. (ASX: NAB) and Westpac Banking Corp (ASX: WBC) have also lost between 2.1% and 3.6% today.
The heavy losses have come after ANZ Bank warned that its total bad debt charges for this half of financial year 2016 will rise by an additional $100 million. This is mostly due to its exposure to the resources sector, with Commonwealth Bank also heavily exposed.
The worrying thing isn't necessarily the $100 million in additional charges (at least not for a bank the size of ANZ). The problem is more so that analysts fear this could mark the beginning of a trend for the sector as a whole.
