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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Rising interest rates sees mortgage arrears tick up as repossessions jump

May 18, 2023

The number of households falling into arrears continued increasing in the first quarter as rising interest rates continued to hit borrowers. According to figures from industry body UK Finance, arrears picked up in the first quarter with mortgages in arrears of more than 2.5 per cent reaching 76,630. This was a two per cent increase [...]
Blockchain can help fix carbon credits market, experts argue – but is it enough?

May 18, 2023

Experts have suggested that blockchain could provide a way to improve the fractured carbon credit markets and help markets move towards a more sustainable future. Jeff Ren, OKX Ventures partner, told City A.M. that the “immutable nature of the dataset created and stored” by a blockchain could combat the fragmented and opaque carbon credits market. [...]
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 [...]

Royal Hospital Chelsea to host top Arabian horse competition

Royal Hospital Chelsea to host top Arabian horse competition

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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