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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Ex-Tesco boss John Allan says he was ‘propelled under the nearest bus’ following misconduct allegations

June 18, 2023

Ex-Tesco boss John Allan said there was “absolutely no substance” to the allegations of misconduct against him, arguing he had not been treated fairly. Since the misconduct allegations were made against him last month, Allan has left his role as chair of Tesco, where he served for eight years, and Barratt Developments, where he had [...]
Brett Christophers: Be wary of outsourcing climate change response to ‘ruthlessly extractive’ asset managers

June 18, 2023

Academic Brett Christophers has warned that governments’ attempts to outsource the response to climate change to asset managers, such as those at Blackstone and Brookfield, will have damaging consequences. Christophers, who recently published Our Lives in their Portfolios, told City A.M. that “the infrastructural response to climate change both in terms of mitigation and adaptation [...]
Mortgage chaos set to hit banks’ bottom line as demand dries up

June 18, 2023

Chaos in the mortgage market is likely to lead to big changes in lending as banks seek to find ways to capitalise on rising interest rates, analysts suggest. Over the last few weeks, the mortgage market has been in turmoil after stubbornly high inflation raised the prospect of further rate hikes. “Mounting base interest rates, [...]
Natwest boss: We’re managing loan book ‘very very closely’ as rates spike

June 15, 2023

Natwest boss Dame Alison Rose said the bank was seeing “no material signs of distress” in its loan book despite the impact of rising interest rates. Speaking at the Goldman Sachs financial conference, Rose said: “We have seen no increase in defaults or impairments and the same on the business side… What we’ve actually seen [...]
Legal and General: Santander Europe boss António Simões to succeed long-time chief Sir Nigel Wilson

June 15, 2023

Legal and General (L&G) has appointed Santander’s António Simões to be chief executive, who will succeed the departing Sir Nigel Wilson next year. Simões has been Santander’s European regional head since 2020, leading the bank’s operations across the UK, Spain and Portugal. Before that Simões had been at HSBC for 13 years, where he had [...]
HSBC agrees new terms for delayed sale of French retail business as exit from global markets picks up pace

June 15, 2023

HSBC has agreed new terms for the sale of its French retail division to Cerberus-backed My Money Group, paving the way for the delayed sale to be completed early next year. Under the new terms of the deal, Cerberus will invest €225m (£192.5m) into the business while HSBC will retain a €7.0bn portfolio of loans [...]
TSB calls on Meta to make ‘urgent’ interventions on fraud or consumers risk losing up to £250m

June 14, 2023

TSB Bank has called on Meta to make urgent interventions to protect consumers from spiralling levels of fraud with customers at risk of losing hundreds of millions of pounds. According to current industry projects, consumers could lose up to £250m from Meta platforms in 2023 without action from the tech giant. Earlier this year, TSB [...]
Britcoin: Digital pound will not be introduced without a Parliamentary vote

June 14, 2023

Lawmakers agreed that the digital pound, or ‘Britcoin’, should not be introduced without proper parliamentary scrutiny. Speaking in the House of Lords, Lord Forsyth said the notion that the Treasury and the Bank of England could introduce the digital pound “without having proper parliamentary scrutiny… is utterly ridiculous.” The Bank of England and Treasury are [...]
CoCos are back: European banks launch first AT1 bonds since Credit Suisse collapse

June 14, 2023

AT1 bonds made a roaring comeback as European banks issued the first euro-denominated CoCo bonds since the collapse of Credit Suisse back in March. BBVA and Bank of Cyprus issued around €1.2bn (£1bn) bonds between them yesterday, and investors were only too happy to snap up the riskiest form of corporate debt. An AT1 bond [...]
Crypto exchange Bitstamp wins FCA approval ahead of regulatory clampdown

June 13, 2023

Crypto exchange Bitstamp has won authorisation from the UK’s financial watchdog today and doubled down on investment in Britain despite a looming clampdown from regulators.

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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