By: Chris Dorrell

Chris at City AM from 2023-2025, first as banking reporter and then economics reporter. He continues to freelance and plays with his band Totally Amorphous

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Analysis: UBS begins tricky task of integrating Credit Suisse

April 25, 2023

While profit was down, analysts and investors were today far more concerned with how UBS will manage the integration of its long-time rival Credit Suisse.
Fresh fears for First Republic as shares plummet after losing over $100bn in deposit outflows

April 25, 2023

Shares in embattled lender First Republic slumped nearly 30 per cent today after it reported last night that it had lost around $100bn in deposits in the first quarter. The massive deposit flight represented more than half of its pre-crisis total and exceeded analyst expectations, raising fears that the bank is not yet out of [...]
FTSE 100 close: London ends down ahead of Google and Microsoft results as Primark owner slumps

April 25, 2023

London’s FTSE 100 was dragged lower today as investors fretted over the state of a batch of big tech results on Wall Street rolling in over the coming days. The capital’s premier index shed 0.27 per cent to drop to 7,891.13 points, while the domestically-focus mid-cap FTSE 250 index, which is more aligned with the [...]
Hunt for next Natwest chair begins as Howard Davies says he will step down by July 2024

April 25, 2023

The hunt for Natwest’s next chair is underway after Howard Davies told shareholders today he will be stepping down. Speaking at the bank’s AGM in Edinburgh, Davies said he expects a replacement to be found and handover completed by July next year. Noting that nine years was the maximum recommended tenure under the UK corporate [...]
Mark Carney’s climate alliance expands as 23 venture capital funds join net zero group

April 25, 2023

Mark Carney’s global alliance of financial firms fighting climate change expanded into the venture capital sector today with the launch of the Venture Climate Alliance (VCA). Consisting of 23 venture capital (VC) firms across the U.S. and Europe, VCA members have committed to supporting a rapid, global transition to net zero or negative carbon emissions [...]
Santander UK profits rise but lender bracing itself for house price fall

April 25, 2023

Santander’s UK division was boosted by higher interest rates but the bank remained cautious looking forward, suggesting house prices could fall ten per cent taking them back to 2021 levels. The Spanish bank’s UK business saw its pretax profit climb 11 per cent to £547m as higher interest rates continued to bolster its performance. Santander’s [...]
UBS: Mortgage litigation hits profits but inflows soar after Credit Suisse takeover

April 25, 2023

UBS reported significant inflows across the bank in the first quarter as customers sought the bank’s stability but its profit more than halved due to costs from legacy issues dating back 15 years. In the first quarter, UBS saw $28bn of new money in global wealth management, of which $7bn came in the last ten [...]
‘We can rely on markets’ Standard Chartered’s Bill Winters implores use of effective carbon market to combat climate crisis

April 24, 2023

Standard Chartered’s chief executive Bill Winters called for more action on the carbon credits market saying he was “frustrated” work had not yet been finished despite the urgency of the task. Speaking at the City Week conference, Winters, who chairs a private sector-led initiative working to scale the voluntary carbon market, argued that governments around [...]
Time lapse at UBS as CRO Bluhm delays planned photography career

April 24, 2023

UBS’ chief risk officer Christian Bluhm postponed plans to focus on his photography today as the bank confirmed he will stay for the “foreseeable future” to handle the acquisition of Credit Suisse. Bluhm, who has been in place since 2016, was planning to handover to Damian Vogel on 1 May. Bluhm had been hoping to [...]
Banks must do more to tackle Post Office cash-based money laundering, warns FCA

April 24, 2023

The UK’s financial watchdog “put banks on alert” as it announced a series of measures to step up the fight against money laundering through the Post Office. Tackling financial crime is a key objective for both the Financial Conduct Authority (FCA) and the government. Last month the government announced part two of its Economic Crime [...]

Mastercard issues winding up petition against London fintech Guavapay

Why mascots are the next branding opportunity for sports teams

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By: Chris Dorrell

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