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 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 [...]
Evelyn Partners acquires boutique money manager Dart Capital as speculation grows over flotation

June 12, 2023

Wealth management and accountancy firm Evelyn Partners has acquired boutique City firm Dart Capital for an undisclosed sum. The acquisition is the latest in a series of deals that has seen Evelyn Partners grow to have over £54.4bn in assets under management, making it the UK’s second largest wealth manager. Dart Capital, which was incorporated [...]
FTSE 100 close: London markets rise ahead of Fed and ECB decisions this week

June 12, 2023

London markets closed higher on Monday ahead of a big week for central banks, with the Fed, European Central Bank (ECB) and Bank of Japan all set for their latest interest rate decision. The capital’s premier index climbed 0.1 per cent to 7,570.69 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned [...]
UBS completes Credit Suisse takeover while imposing ‘red lines’ on its ex bankers

June 12, 2023

UBS confirmed the acquisition of Credit Suisse on Monday as reports suggest Credit Suisse bankers will face tight restrictions on their activity. In an open letter published in the NZZ newspaper, UBS confirmed that “we have finalised the legal takeover of Credit Suisse.” Chief executive Sergio Ermotti and chair Colm Kelleher said “this is the [...]
Ex-Barclays boss: Banks must adapt or face ‘slow decline’ under pressure from tech firms

June 12, 2023

Ex-Barclays boss Antony Jenkins has warned established banks that they could be in a “world of very slow decline” if they failed to adapt to new technologies. Speaking to City A.M., Jenkins said “this industry is really on the brink of having to undergo radical transformation if it’s going to remain relevant to its customers.” [...]
Political pressure builds on banks to close gap between savings and mortgage rates

June 12, 2023

Banks have been shortchanging customers for nearly a year with the average mortgage rates exceeding savings rates by over three per cent since last July. According to data from Moneyfacts, at the end of last week the average rate on offer for a two year mortgage was 5.87. The average rate on a savings account [...]
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 [...]

Nigel Farage wins Clacton by-election

Ticket price hikes proof Wales Rugby Union is tone deaf to loyal fan concerns

London Sports Festival moves from 3×3 basketball success to pickleball at the City of London Corporation’s Guildhall Yard

By: Chris Dorrell

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