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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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 [...]
Labour market loosens as UK records surge in job seekers following hiring slowdown

June 8, 2023

The UK’s labour market recorded a surge in candidates looking for roles last month amid a continued slump in hiring, easing the rate of starting salary inflation. The supply of labour in the UK increased for the third month in a row, with the rate of people looking for jobs increasing at its fastest rate [...]
JP Morgan leads rivals on AI recruitment as UK banks struggle to attract talent

June 7, 2023

JP Morgan is leading the field in AI recruitment as banks around the world race to capitalise on the opportunities created by the new technology. According to a new report from consultancy Evident, JP Morgan is hiring twice as many AI-related jobs as its rivals. The Wall Street giant advertised 3,651 jobs in AI between [...]
Watchdog sets out new rules to reimburse APP fraud victims in ‘world first’

June 7, 2023

The Payment System Regulatory (PSR) has confirmed new rules that will force banks and payment companies to reimburse victims of authorised push payment (APP) fraud. Following consultation, the regulator has set out how mandatory reimbursement will work in practice. It said the new rules will prompt a “step change” in how firms approach fraud prevention. [...]
UK’s newest bank Griffin secures £11m in funding round as it plots expansion

June 7, 2023

Griffin, the UK’s newest bank, has gathered £11m in a fundraising round just a few months after it secured its banking licence. The funding round was led by venture capital firm Mass Mutual Ventures, with existing investors Seedcamp and EQT Ventures participating in the fundraise. Griffin said the funds will go towards leaving the ‘mobilisation’ [...]

Labour workers rights reforms could backfire for young workers

Women’s Super League fans spend more on matchdays than Premier League counterparts

Spirit of Speyside Whisky Festival to drive millions into Scotch sector

By: Chris Dorrell

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