By: Chris Dorrell

Chris at City AM from 2023-2025, first as banking reporter and then economics reporter. He continues to freelance and plays with his band Totally Amorphous

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Nationwide bucks trend as building society promises to keep all its branches open until 2026

June 21, 2023

Nationwide has extended its promise to keep all of its physical branches open, as it continues to buck the trend among high street banks. The UK’s largest building society had already committed to maintain all 605 of its physical branches until 2024, but today it extended that commitment until 2026. Branches can still be closed [...]
UK banks leading European counterparts in tech readiness, new research reveals

June 21, 2023

UK banks are leading against European rivals in their preparation for new technologies but still have much further to go to secure global leadership, new research shows. A new study from IT and consultancy firm Accenture – shared exclusively with City A.M. – shows that around a third of UK bank board members have technology [...]
LDI funds withstanding pressure in gilt market as BoE turns attention to shadow banks

June 20, 2023

Liability driven investment funds (LDIs) have maintained “high levels of resilience” despite recent volatility in the gilt market, the Bank of England’s Jonathan Hall said today. Hall, an external member of the Bank’s Financial Policy Committee (FPC) said that recent moves in gilt yields had been “significant” as investors reassessed the likelihood of further rate [...]
Why arrears will tick up but banks will not be threatened by rising mortgage costs

June 20, 2023

Arrears will tick up as interest rates rise but banks will not have to deal with a major credit event, experts at ratings agencies told City AM. Mortgage rates have spiralled in recent weeks as a result of stubbornly high inflation, meaning consumers will have to pay thousands of pounds a month more for their [...]
UBS set to pay huge fines over Credit Suisse’s Archegos failings

June 20, 2023

UBS is reportedly to set to pay out hundreds of millions of dollars in fines over Credit Suisse’s failings linked to the collapsed hedge fund Archegos Capital. Credit Suisse was one of the banks hardest hit by the collapse of Archegos, with the bank facing losses of around $5.5bn. In contrast, UBS faced a $861m [...]
IMF working on global platform for exchange of CBDCs to avoid economic fragmentation

June 19, 2023

The International Monetary Fund (IMF) is working on a platform to enable countries to transfer transactions between central bank digital currencies (CBDCs) from different countries. According to Reuters, managing director Kristalina Georgiva said “CBDCs should not be fragmented national propositions…To have more efficient and fairer transactions we need systems that connect countries: we need interoperability.” [...]
Crypto: FCA cannot ignore ‘harms that exist’ in market as new rules come into force

June 19, 2023

The Financial Conduct Authority’s (FCA) crypto lead Matthew Long said regulators could not ignore “the harms that exist” in the market as new rules come into force. Speaking at London FinTech Week, Long said regulators around the world needed to be vigilant of the risks that the crypto sector poses to consumers. He said “opportunities [...]
Bank of England launches first ‘system-wide’ stress test to shed light on shadow banks

June 19, 2023

The Bank of England launched its first system-wide stress test today of the financial sector as it attempts to shed light on the shadow banking sector. Through the tests, the Bank of England hopes to better understand how, during a period of market stress, the behaviour of shadow banks could amplify financial shocks. Shadow banks [...]
Rishi Sunak rules out help for homeowners as mortgage rates top six per cent

June 19, 2023

Prime Minister Rishi Sunak today ruled out helping struggling mortgage holders despite rates breaching the six per cent mark for the first time since December. Amid surging mortgage rates, the Prime Minister said the government needed to “stick to the plan” to halve inflation rather than offer support to mortgage holders. Speaking on ITV’s Good [...]
Banks tell Sunak that big tech firms need to do more to tackle fraud

June 18, 2023

A group of the UK’s largest banks have told Prime Minister Rishi Sunak that big tech firms should help contribute to the reimbursement of fraud victims. According to Sky News, the banks said the rising tide of fraud in the UK is having a “material impact on how attractive the wider UK financial sector is [...]

Sport business quiz 2025: Test your knowledge with City AM’s topical teasers

Sport business quiz 2025: Test your knowledge with City AM’s topical teasers

Bentley Continental GT review: Luxury coupe with a sporting side

By: Chris Dorrell

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