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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.

All 618 Articles
  • Credit Suisse AT1 bondholders force Swiss regulator to publish wipeout decree

    May 18, 2023

    Bondholders burnt by the wipeout of Credit Suisse’s AT1 bonds have secured a small victory after forcing Switzerland’s financial watchdog to reveal the justification for its decision.  When UBS acquired Credit Suisse, holders of Credit Suisse’s AT1 bonds were controversially wiped out on the orders of Finma, the Swiss financial markets regulator. An AT1 bond [...]

  • Deutsche Bank to pay $75m to settle lawsuit by Jeffrey Epstein accusers

    May 18, 2023

    Deutsche Bank has agreed to pay $75m to settle a lawsuit by women who say they were abused by the late financier Jeffrey Epstein, and accused the German bank of facilitating his sex trafficking. The accord resolves claims in a proposed class action in Manhattan federal court by Epstein’s accusers, and was confirmed by their [...]

  • Bumper UK growth pushes Investec upwards despite volatile global markets

    May 18, 2023

    Investec’s profit climbed in 2023 thanks to rising interest rates but the bank also saw its funds under management slip amid a volatile environment.  Investec’s adjusted operating profit rose 21.6 per cent to £835.9m reflecting growth in both of Investec’s main markets. In the UK, profit rose by over 30 per cent while in South [...]

  • After being fined, banks move to ban Whatsapp – but many worry it won’t work

    May 18, 2023

    An increasing number of banks and financial services firms have banned their staff from using encrypted messaging apps such as Whatsapp for work purposes after regulators hit banks with hefty fines for failing to stamp out the practice. A survey by tech firm Global Relay found that 59 per cent of respondents, which included some [...]

  • Bosses of failed US banks say it was nothing to do with them

    May 17, 2023

    The bosses of the three US banks that collapsed over the last few months have blamed a range of factors for their collapse – but not bad management. The heads of First Republic, Silicon Valley Bank (SVB) and Signature Bank all appeared in front of the Congressional committees over the last few days as lawmakers [...]

  • Thierry d’Argent becomes SocGen’s top banker in London

    May 17, 2023

    Societe Generale’s London head has been promoted and will be replaced by the aptly named Thierry d’Argent. The new boss, d’Argent, has been named SocGen group country head for the UK and Ireland and chief executive of the bank’s London branch. d’Argent began his career in 1988 at Oliver Wyman. He then joined Barings and [...]

  • FTSE 100 close: London ends in the red as BoE’s Bailey warns of persistently high inflation

    May 17, 2023

    London’s FTSE 100 index fell on Wednesday evening as Andrew Bailey warned that the UK would face high inflation for months to come. The capital’s premier index closed down 0.36 per cent at 7,723.23 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 0.30 [...]

  • UBS saw Credit Suisse deal as ‘not desirable’ – and could now take $17bn hit from it

    May 17, 2023

    UBS estimates it will take a $17bn hit from the takeover of its long time rival Credit Suisse as regulatory filings reveal it never wanted the deal to take place.  UBS estimates a negative impact of $13bn from fair value adjustments and $4bn in potential litigation and regulatory costs. UBS executives have previously warned that [...]

  • US debt ceiling drama – what is it and why does it matter

    May 17, 2023

    Markets are keeping a close eye on the US debt ceiling debacle – seemingly an attempt by US politicians to tip their own country into default.  The debt ceiling is a limit on how much the US government can borrow imposed by Congress. Currently it stands at $31.4trn, although it has been raised 78 times [...]

  • Use of community lenders rises as cost of living pressures see more refused loans elsewhere

    May 17, 2023

    Community lenders saw a 22 per cent increase in customers in 2022 as the deteriorating economic environment helped exclude ever larger numbers from the traditional financial sector.  According to new figures from Responsible Finance, community development finance institutions (CDFIs) increased total lending by 20 per cent in 2022 to £248m, reaching 94,744 customers.  The majority [...]

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