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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Why did HSBC withdraw mortgage deals for new borrowers?

June 9, 2023

HSBC has temporarily withdrawn mortgage deals for new borrowers as the turbulence that has engulfed the UK mortgage market over the past few weeks continued. The bank removed products for new residential and buy-to-let products on Thursday, with new more expensive deals becoming available on Monday. HSBC had originally set a deadline of 5pm on [...]
UBS agrees £8bn loss protection deal paving way for completion of Credit Suisse tie-up

June 9, 2023

UBS has agreed a loss protection deal with Swiss authorities worth CHF9bn (£8bn), paving the way for the merger of Switzerland’s largest banks next week. Under the arrangement announced today, UBS will bear the first CHF5bn of potential losses on a defined portion of Credit Suisse’s assets. The Swiss government will then cover the next [...]
FTSE 100 live: London markets close lower on strong pound ahead of Fed and ECB next week

June 9, 2023

Markets in London closed lower on Friday as a stronger pound and uncertainty over the global economy weighed on investor sentiment. The FTSE 100 closed 0.5 per cent lower while the FTSE 250 finished the week 0.1 per cent lower. Caution was the watchword in London today ahead of next week, which will be big [...]
Mark Carney: Ex BoE chief’s Brookfield set to win Network bidding war as £2.2bn offer backed by board

June 9, 2023

FTSE 250 Network International has agreed a £2.2bn takeover offer from Canadian private equity giant Brookfield, becoming the latest in a string of listed firms to be taken private. Brookfield, which is headed by former Bank of England governor Mark Carney, will pay 400 pence per share representing a 64 per cent premium to Network’s [...]
Lifeline for Amigo? Shares in subprime lender rocket on potential investment from shareholder

June 9, 2023

Shares in Amigo surged after it agreed an exclusivity agreement with shareholder and financier Michael Fleming, raising the possibility of a debt investment in the subprime lender. Exclusivity agreements mean borrowers can not obtain funds from any other source. Fleming’s period of exclusivity expires on 6 September this year. Its shares were trading over 200 [...]
SMEs are ready to ramp up investment despite concern over wider economy, new research finds

June 8, 2023

Small and medium-sized enterprises (SMEs) are increasingly optimistic about their own future, despite concerns around the wider economy. According to Opinium data collected for Paragon Bank, 45 per cent of SMEs expect cashflow to improve over the next three months. Over the course of a year this figure jumps to 55 per cent. Over a [...]
Standard Chartered to cut around 100 jobs worldwide as bank seeks to cut costs by $1bn – reports

June 8, 2023

Standard Chartered is laying off employees across Singapore, Hong Kong and London following a series of cuts across the sector in recent months. According to Bloomberg News, the bank could cut over 100 employees although it is yet to determine a final number. In Asia, roles have been cut in middle-office functions, like human resources [...]
MPs pile pressure on banks as savings offers lag interest rate hikes

June 8, 2023

MPs said that lenders must “up their game” and pass on higher rates to savers as bank bosses responded to an inquiry on the “measly” rates on offer. The influential Treasury Committee pointed to low rates on offer for easy access accounts across the UK’s ‘scale challengers’, Nationwide, TSB, Virgin Money and Santander. According to [...]
FTSE 100 close: London indexes close lower over fears of further rate hikes and fragile housing market

June 8, 2023

London’s main indexes closed lower on Thursday as investors feared further rate hikes and yet another report pointed to a gloomy future for the UKs’ housing market. The capital’s premier index fell 0.32 per cent to 7,599.74 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK [...]
Regulator plays sheriff as it takes on crypto marketing ‘wild west’

June 8, 2023

Crypto firms face a regulatory clampdown in the UK this year as the City watchdog cracks the whip on the “Wild West” landscape of crypto marketing. In a new set of rules announced today, the Financial Conduct Authority (FCA) said it will force crypto firms to introduce a “cooling-off” period, during which time consumers can [...]

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

Here are the biggest, best cultural moments of 2025

By: Chris Dorrell

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