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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Regulators should measure ‘burden’ of decisions after legislative overhaul, industry says

July 5, 2023

Finance groups have called for regulators to report on a new range of metrics to ensure they are meeting their statutory obligations. After the Financial Services and Markets Bill passed into law last week, regulators will have hugely increased responsibility for adapting and amending onshored EU regulations. As part of the Bill, regulators will have [...]
Bank of England mulls forcing international lenders to set up UK subsidiaries – reports

July 5, 2023

The Bank of England is considering plans to force more international banks to set up subsidiaries in the UK. According to the Financial Times, the Bank could reduce the threshold at which foreign banks have to set up subsidiaries which have their own capital and liquidity. Unlike branches, subsidies are able to be seized by [...]
Numis struggles with IPO shutdown ahead of takeover by Deutsche Bank

July 5, 2023

Numis struggled with the “effective closure” of the IPO market in the third quarter, with revenue falling ahead of the bank’s takeover by Deutsche Bank. The London-based investment bank said revenue in the three months to the end of June came in below the first half, reflecting the “deteriorating market backdrop” across investment banking. Although [...]
Headcount at six largest UK banks ticks up for first time since pandemic

July 5, 2023

The number of employees at the six largest UK banks increased slightly last year, the first increase since the pandemic. According to statistics in the Banker’s Top 1,000 World Banks report, the six largest UK lenders – HSBC, Barclays, Lloyds, Standard Chartered, Natwest and Nationwide – increased their headcount by 0.6 per cent last year. [...]
Natwest calls for greater commercial incentives to boost open banking take-up

July 5, 2023

Natwest has called for a “step change” in the regulation of open banking as the sector moves towards the next stage of its life. Citing research from consultancy firm Oxera, Natwest argued there should be greater commercial incentives for expanding the reach of open banking. Claire Melling, head of bank of APIs at Natwest, said: [...]
Savings rates: Big banks to meet regulator this week after ‘blatant profiteering’ claims

July 4, 2023

Banks will meet with the regulator this week to discuss the savings rates on offer as pressure grows on the UK’s largest lenders to avoid so-called ‘profiteering’. Heads of the largest UK banks – including Lloyds, NatWest, Barclays and HSBC – will meet with the Financial Conduct Authority on Thursday, according to people familiar with [...]
WANdisco raises £24m as attempts to recover from fraud scandal continue

July 4, 2023

WANdisco has successfully completed a $30m (£23.7m) fundraise as it attempts to recover from scandal and resume trading on AIM. The Sheffield-based data company will issue 47.5m new shares, representing 70 per cent of the company’s capital prior to the fundraise. The proceeds will provide working and growth capital to the firm. The firm added [...]
Fraud ‘epidemic’ may be even worse than figures suggest, experts warn

July 4, 2023

The scale of fraud in the UK may be significantly higher than figures show, suggesting the fraud epidemic is even worse than feared, according to industry experts. Fraud has skyrocketed in recent years as a result of the rise of online payments, the pandemic and lax enforcement. Figures from UK Finance put the total lost [...]
Bank of England warns lenders of ‘fiendishly unpredictable’ risks from climate change

July 4, 2023

The Bank of England has cautioned lenders that they need to keep a close eye on commodities and private credit to avoid financial problems. Speaking at a UK Finance event, Nathanaël Benjamin – who is responsible for authorising the UK arms of international banks – warned there were a range of dangers facing banks. Benjamin [...]
MPs to probe if SMEs can get cash they need – or if the government should step in

July 3, 2023

The Treasury Committee has launched a new inquiry into the problems small and medium-sized enterprises (SMEs) face in accessing financing. Over the next couple of months the cross-party group of MPs will explore issues in the industry and how regulation and government can respond. Harriett Baldwin, chair of the Committee said: “Small businesses are the [...]

NBA and EuroLeague line up fresh talks over compromise deal

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By: Chris Dorrell

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