Australia's largest customer-owned bank, the Toowoomba based Heritage Bank, has appointed David Janetzki into what it said was the "pivotal role" of head of banking operations. Formerly Heritage Bank's head of legal and governance, he will be expected to help drive the ongoing growth strategy. Heritage Bank CEO Peter Lock said Janetzki's keen business acumen combined with his vast experience and understanding of anti-money laundering and counter-terrorism financing, fraud, collections, cards, payment systems and member services would greatly complement the operations arm of the bank. Fitch Ratings has downgraded the Insurer Financial Strength (IFS) ratings of Genworth Life Insurance Co, Genworth Life and Annuity Insurance Co and Genworth Life Insurance Co of New York. However, Fitch said the rating of Genworth Mortgage Insurance Australia, which is A+/Stable, was unaffected by the downgrades. The Australian business is assessed on a standalone basis on account of local "regulatory ring-fencing". Australian banks led a rout that wiped more than $40 billion off the sharemarket Tuesday, driven by fears that lenders around the world will be hit by higher funding costs, rising bad debts, and slower growth in China and other emerging economies, the AFR reports. After savage falls in banks overseas, shares in all of the big four lenders dropped 4 per cent or more on Tuesday, dragging the S&P/ASX 200 down 2.9 per cent to 4882, its lowest close in 2½ years. Shares in ANZ Banking Group tumbled to their lowest price since late 2012, while Westpac Banking Corp and National Australia Bank shares hit their lowest levels in years. Commonwealth Bank, which will provide a key guide on the sector's financial health when it reports its profits, plunged 4.6 per cent.