A: Thanks for the question.

I think all the major banks are good investments for the long term. Post Brexit, they are obviously a lot cheaper.
The headwinds include extra capital, higher credit losses and low income growth – but that’s why they have come off in price. Going forward, there is no doubt that the return on equity is going to fall, and dividends may be a little lower.
Momentum and market sentiment is still  negative, but if your patient, I think over the long term you will do ok.

Which bank? I don’t think that there is that much difference between the 4 after you adjusting for pricing multiples. I quite like the look of ANZ – and thought the recent strategy changes and half year results were positive developments. The brokers are also reasonably indifferent. According to FN Arena, current target prices and sentiment, the latter on a scale of -1.0 being most negative to +1.0 most positive, is as follows:
ANZ, +0.2, $26.70
CBA + 0.3. $78.53
NAB, +0.1, $28.56
WBC, +0.8, $32.70