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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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.
Alantra gives vote of confidence to London as it switches investment banking HQ to City

June 13, 2023

Spanish investment bank Alantra has shifted its investment banking headquarters to a new office overlooking St Paul’s in a boost for the City. The Madrid-based bank said the new London office, based on 25 Cannon Street, is a “natural next step…given the significance of the City of London as a global financial centre”. The new [...]
‘Completely unique’: Roman mausoleum unearthed near Borough Market and London Bridge

June 13, 2023

Archaeologists have discovered remains from a “completely unique” Roman mausoleum just a stone’s throw from Borough Market and London Bridge station. At The Liberty of Southwark site, owned by Landsec, experts have uncovered the walls and interior flooring of a mausoleum, a type of Roman funeral monument. In the middle of the floor is a [...]
HSBC to wind down New Zealand wealth and personal banking arm as pivot to Asia picks up pace

June 13, 2023

HSBC will be winding down its wealth and personal banking businesses in New Zealand as it continues its withdrawal from various markets around the world. In a statement the bank said “it has become clear that we can no longer justify investing into this business given the changing operating requirements in the market and scalability [...]
FTSE 100 close: Miners lift London’s premier index despite high wage growth sending rate fears spiralling

June 13, 2023

Commodity giants lifted London’s main indexes on Tuesday despite concerns that the Bank of England will have to hike rates higher and faster on the back of the latest labour market figures. The capital’s premier index climbed 0.3 per cent to 7,594.78 points, although the domestically-focused mid-cap FTSE 250 index, which is more aligned with [...]
Bellway on track after strong spring selling period but uncertain rate environment poses challenges

June 13, 2023

FTSE 250 Bellway is on track to meet its guidance for the full year after a strong spring selling season even as sales remain well below last year. From the beginning of February to 4 June, the reservation rate averaged 190 homes per week compared to 253 in the same period last year, a fall [...]

Treasury ignored DCMS gambling tax hike concerns before Budget raid

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By: Chris Dorrell

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