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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EU remains firm on post-Brexit clearing plans despite pressure on both sides of the Channel

May 24, 2023

The EU is set to reject calls to rethink its approach to the clearing business despite mounting pressure on both sides of the Channel. The EU’s financial services commissioner Mairead McGuinness said the plans were vital to the EU’s “financial resilience”. “I want to underline that this matter is actually not so much about Brexit. [...]
Close Brothers recovers from bruising start to the year while rising rates lifts fellow merchant bankers Arbuthnot

May 24, 2023

Merchant banking group Close Brothers delivered a battling update as it attempts to calm investor nerves following a poor start to the year. In a trading update for its third quarter, Close Brothers reported that its loan book increased by two per cent to £9.2bn. This was driven by a strong new business in commercial [...]
Aviva shares fall despite private health boom boosting insurance giant

May 24, 2023

Shares in Aviva fell even after it recorded a strong start to the year, with sales rising eleven per cent thanks to a boom in private healthcare. Private healthcare sales grew by a quarter to £33m as more customers were attracted to “the benefits of private cover,” perhaps boosted by Brits looking for alternatives to [...]
Big tech and banks conspire in new scheme to combat fraud

May 23, 2023

An alliance of banks, tech companies and telecoms groups are set to pilot a new scheme to collect information on scammers as attempts to tackle the UK’s fraud epidemic step up a notch. The new group, Stop Scams UK, has members including the UK’s largest incumbent banks, challenger banks, telecoms providers and big tech firms. [...]
City breathes sigh of relief: Draft MoU on post Brexit UK-EU financial services welcomed

May 23, 2023

Figures in the City seemed to breathe a sigh of relief following the publication of a draft memorandum of understanding (MoU) on financial services between the UK and EU last week. Released last Friday, the agreement commits the two to “jointly endeavour to pursue a robust and ambitious bilateral regulatory cooperation in the area of [...]
History shows AI will create more jobs than it destroys, Deutsche Bank analysts argue

May 22, 2023

Analysts at Deutsche Bank have become the latest experts to argue that AI will create more jobs than it destroys. In a note examining the history of technological advancement, Deutsche Bank’s Henry Allen and Jim Reid investigate the historical response to technological breakthroughs. Looking at long-term unemployment data, the analysts point out that changes in [...]
JP Morgan expects $3bn income boost from acquisition of First Republic

May 22, 2023

JP Morgan predicts a $3bn boost to its interest income as a result of its acquisition of First Republic, revealing how the Wall Street giant benefitted from the regional banking crisis. According to a presentation made at its investor day, the US’s largest bank said it expects its net interest income to increase to $84bn, [...]
Pacwest shares climb after it announces sale of £2.1bn real estate portfolio

May 22, 2023

Pacwest shares rose in pre-open trading today after it confirmed the sale of a portfolio of real estate loans worth $2.6bn (£2.1bn).
Central banks and governments pressured lenders to rig Libor rate, new book claims

May 22, 2023

A new book alleges that banks were pressured by central banks and governments to manipulate the London Interbank Offered Rate, or Libor, in an attempt to boost confidence in the financial sector. The book, which is being serialised in The Times, claims that regulators and prosecutors knew about this pressure, but covered it up when [...]
‘Milestone in returning NatWest to full private ownership’ as government sells £1.26bn worth of shares

May 22, 2023

The government has sold £1.26bn worth of its shares in NatWest as it continues to sell-off its stake in the bank it bailed out after the 2008 financial crisis. The shares, sold at 268.4p each, represent 4.95 per cent of NatWest’s share capital and takes it stake below 40 per cent. The Economic Secretary to [...]

Nepo baby? My daughter was the best for the job

Challenge Cup: Wigan Warriors chief slams Network Rail over train chaos

Inside the radical festival uniting the left and right

By: Chris Dorrell

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