JP Morgan bags record profit – but Dimon warns of risks shifting ‘below the surface’ Banking JP Morgan secured the highest quarterly profit in US banking history in its second quarter but chief executive Jamie Dimon tempered the celebration with a warning that risks in the global economy were “shifting below the surface like tectonic plates”. The Wall Street giant recorded a 41 per cent jump in net income to $21.2bn [...]
As it happened: Stocks rises as oil eases but Strait of Hormuz concerns ramp up Markets Welcome back to the City AM liveblog. Markets are set to make a loss for the week after the conflict in the Middle East returned to full-blown military action this week. The FTSE 100 has shed over one per cent and is on course to close in the red for the week, even after breaking [...]
Rachel Reeves’ legacy of tinkering with the City is not enough, says Mel Stride Economics Sir Mel Stride has branded Rachel Reeves’ legacy in government as mere “tinkering” with City reform as the top Tory predicted her successor will create a “hostile” environment for the banking sector. In an interview with City AM, the shadow Chancellor branded Reeves’ two-years in the Treasury as “managerial incrementalism,” adding it was “not enough”. [...]
Close Brothers shares fall as motor finance scandal threatens worst returns in Europe July 6, 2026 Close Brothers shares tumbled on Monday morning after a damning broker downgrade warned the bank was poised to deliver the “lowest value-creation” of Europe’s top 50 banks. The FTSE 250 bank’s stock was down nearly nine per cent in early trading to 401.70p as investors scurried for the exit door. The loss came on the [...]
UK fintech Starling to axe 130 roles in AI-powered simplification drive July 3, 2026 Starling is gearing up to cut some 130 roles in a bid to streamline its operations following a fall in profit over the last year. The London-based fintech told staff this week it would restructure its banking and tech operations as it leveraged AI across operations ahead of an influx of new projects. It said [...]
Halifax ends 173-year high street run as Lloyds ditches branding July 1, 2026 Lloyds Banking Group is set to ditch its Halifax brand in a move that will end the retail bank’s 173-year run on the high street. The FTSE 100 titan – whose subsidiaries also include Bank of Scotland and Scottish Widows – said on Wednesday it would rebrand Halifax under the central moniker of Lloyds. Lloyds [...]
UK banks’ digital ID bid is a game of optics – and the odds are not in their favour July 1, 2026 A digital ID row has dominated headlines in the last year, and banks are set to join the row. In this week’s column, Samuel Norman takes a look at what they might be in for. Britain’s banks have voluntarily thrown themselves into one of the most toxic culture wars of the decade. Few subjects evoke [...]
Lloyds accused of debanking left-wing media outlet The Canary June 30, 2026 Lloyds Banking Group has been accused of debanking the left-wing news website The Canary in a move that has left the media outlet with “barely any funds”. The bank was slammed by the media firm on Tuesday for allegedly “withholding a substantial amount of our money” and debanking them after nearly a decade of use. [...]
Barclays splashes £750m on Canary Wharf base in ‘strong endorsement’ of London June 30, 2026 Barclays has taken control of its global headquarters based out of Canary Wharf in a £750m deal hailed as a “strong endorsement” of the financial district and the capital itself. The blue-chip lender has entered a long-term leasehold interest agreement with Canary Wharf Group that grants the bank to use the property – based at [...]
Badenoch sets sights on battle with the Bank June 24, 2026 The City is in the mood for a regulatory bonfire and Kemi Badenoch hopes to be the one to light the flame. In this week’s column, Samuel Norman looks at the roadblocks she may face on her pursuit. “Don’t forget about Andrew Bailey.” That was the parting shot I got from a former Bank of [...]