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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Labour: Force banks to pass on interest rate hikes to savings accounts

June 25, 2023

Labour has called on the government to ensure that banks are passing on higher interest rates to savers in an attempt to cool inflation. Speaking on the Sophy Ridge show on Sky News, Lisa Nandy said: “What we are proposing is that the Government ensures that those (interest rate) rises are passed on so that [...]
US mid-tier banks set to face tighter capital requirements following SVB collapse

June 22, 2023

Mid-tier banks in the US are set to face tighter capital rules as regulators respond to the near collapse of the regional banking system earlier this year. Chair of the Federal Deposit Insurance Commission (FDIC) Martin Grueberg said regulators will seek public comment on “changes to the US capital framework”. The proposals will come as [...]
Credit fears send bank shares lower after Bank of England lifts rates by 50bps

June 22, 2023

Shares in the UK’s biggest banks today fell after the Bank of England raised interest rates by 50 basis points, heaping more pain onto borrowers. The Bank’s Monetary Policy Committee reverted to a larger rate hike after inflation remained stuck at 8.7 per cent last month. It was the 13th rate hike in a row [...]
Deutsche Bank’s Numis acquisition a step closer to completion following AGM

June 21, 2023

Numis shareholders waved through Deutsche Bank’s takeover offer in its annual general meeting today. The vote passed through the court meeting with nearly 98 per cent support and secured the approval of over 99.9 per cent of shareholders at the AGM. The scheme empowers the board to take all necessary actions to complete the deal. [...]
Shadow banks need ‘increased resilience’ to avoid financial stability concerns, Bank of England warns

June 21, 2023

The Bank of England’s Lee Foulger warned there needed to be “increased levels of resilience” in the shadow bank space to avoid risks to financial stability. With increased regulation of the traditional financial sector since the financial crisis, Foulger, a director, financial stability, strategy and risk. said “it is no surprise that over that time [...]
Holding top execs to account ‘critical’ to maintaining robust regulation, Bank of England says

June 21, 2023

Holding top banking executives to account is a “critical” part of the regulatory regime, a Bank of England official said today, as the central bank consults on the largest changes to its enforcement policies in a decade. The Bank’s head of enforcement and litigation Oliver Dearie said “the Bank continues to consider individual accountability to [...]
Revealed: The London constituencies that will be worst hit by mortgage rate rises

June 21, 2023

Mortgage holders in London and the Southeast are set to be the worst hit by the “crippling” mortgage rate rises on the horizon, new data shows. The top twenty areas of the country set to see the highest increase in their mortgage repayments increase are concentrated around the capital and the commuter belt, according to [...]
FTSE 100 close: London’s markets close in the red after inflation shock sends shivers through market

June 21, 2023

London’s indexes closed in the red on Wednesday after yet another higher than expected inflation reading earlier this morning. The FTSE 100 closed 0.1 per cent lower at 7,559.18 while the FTSE 250, which is more aligned with the health of the UK economy, sunk 0.9 per cent to 18,571.45. Official figures out this morning [...]
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 [...]

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By: Chris Dorrell

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