By: Chris Dorrell

Chris Dorrell is a freelance journalist and City AM contributor. He was previously City AM's banking and then economics reporter. When Chris is not breaking news, he can often be found playing with his band Totally Amorphous.

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Wells Fargo beats expectations thanks to rising rates as Citi’s profits fall 36 per cent on dealmaking slowdown

July 14, 2023

Citi struggled with rising costs and falling fees in the second quarter while its Wall Street rival Wells Fargo benefitted from higher interest rates. Citi saw its profit fall 36 per cent year on year as it was hit by the global decline in dealmaking, but its performance was still better than analysts had predicted [...]
JP Morgan profits jump as bank benefits from rising rates – but boss Jamie Dimon warns of ‘salient risk’

July 14, 2023

JP Morgan beat expectations again as it reaped the rewards of rising interest rates and its takeover of First Republic, but the bank boosted loss provisions significantly. In the second quarter, the Wall Street giant recorded net income of $14.5bn, 67 per cent higher than last year and ahead of analyst expectations. Its shares were [...]
Pound surges to strongest level since April last year as traders bet on further rate hikes

July 14, 2023

The pound has surged to its strongest position in over a year over the past week as traders bet the Bank of England will have to hike rates further and faster than global counterparts. Since the beginning of the month, the pound has risen from below $1.27 to trade at over $1.31. The last time [...]
FTSE 100 close: London’s premier index creeps into the green ahead of crucial inflation print on Wednesday

July 14, 2023

London’s premier index closed the week slightly in the green after a quiet day ahead of next week’s crucial inflation print. The FTSE 100 slipped out marginal gains to trade at 7,440.65 while the midcap FTSE 250 index dropped 0.2 per cent to 18,594.73. All eyes will be on UK inflation data next week. Inflation [...]
Shares in Liontrust and Ashmore fall as money managers grapple with ‘challenging economic environment’

July 14, 2023

Shares in FTSE-250 listed money managers Liontrust and Ashmore slumped on Friday morning after both reported fund outflows over the past three months. Liontrust saw net outflows of £1.6bn in the last quarter as it prepares to acquire GAM Holding. Its assets under management (AuM) stood at £29.5bn at June 30, a decrease of six [...]
Cash still king in the City compared to rest of London but amount withdrawn almost halves

July 13, 2023

Westminster and the City remained London’s biggest centres for cash withdrawals but saw a near halving in the amount of cash withdrawn over the past four years. According to figures from LINK, which operates the interbank network, the amount of cash withdrawals from the City and Westminster fell to £55m in May 2023, 49 per [...]
Mortgage defaults expected to pick up as rising rates hits borrowers, say lenders

July 13, 2023

Banks and building societies expect the level of mortgage defaults to increase over the next quarter as the impact of rising interest rates filters through the economy. In the Bank of England’s quarterly credit conditions survey, lenders reported “losses and default rates on secured loans to households increased in Q2, and were expected to increase [...]
FTSE 100 live: London markets rise after UK GDP contracts by less than expected

July 13, 2023

London markets rose this morning, despite housebuilders slumping, after official figures showed that the UK economy contracted by less than expected. The FTSE 100 was trading 0.18 per cent higher at 7,429.68 while the midcap FTSE 250, which is more aligned with the health of the domestic economy, climbed 0.13 per cent to 18,604.03. Sentiment [...]
Co-Op announces new chair as ‘ideal person’ to take UK’s fifth biggest grocer forward

July 13, 2023

The Co-op announced has announced a new chair, with Debbie White set to succeed Allan Leighton when he steps down in February 2024. White has held a number of important executive roles, having served as chief executive of Interserve and a senior director at Spire Healthcare. White will replace Leighton, who is approaching the end [...]
Shares in fintech Fiinu fall over 60 per cent as banking licence slips out of reach

July 12, 2023

The survival of fintech firm Fiinu was left hanging by a thread on Wednesday after it confirmed that it had not secured enough funding to resubmit its application for a banking licence. Shares in the AIM-listed digital lender, which offers short-term credit to customers, were trading 66 per cent lower after it updated the market [...]

Construction recovery remains fragile amid high costs

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Psst… This is how to ski Les 3 Vallées without the crowds

By: Chris Dorrell

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