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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Credit Suisse files $440m claim against SoftBank from Greensill’s collapse

April 19, 2023

Credit Suisse formally filed its $440m lawsuit against SoftBank earlier this month as it seeks to claim back funds which were locked in Greensill Capital when it collapsed in 2021. The legal action is the first since it was taken over by UBS last month. The bank said it “continues to prioritise maximising recovery for [...]
Smaller US banks still at risk from deposit outflows as investors spread their cash

April 19, 2023

Smaller US lenders have so far faced a torrid earnings season as many have seen an exodus of deposits as their larger rivals rake in profits from higher interest rates. Over the course of the week a series of smaller banks have seen deposits drop. On Monday, Charles Schwab, State Street and M&T reported that [...]
Morgan Stanley boss talks down banking crisis as deal-making slump hits profits

April 19, 2023

Morgan Stanley’s chief executive James Gorman told analysts “we are not in a banking crisis” as he discussed the bank’s first quarter earnings. Gorman dismissed concerns that the US banking sector could face a widespread banking crisis, saying conditions were very different to 2008 and that the largest US banks were now part of the [...]
Credit card market ‘broken’ with as little as three per cent of customers switching, but could open banking provide a solution?

April 19, 2023

The UK’s credit card market is “broken” with as few as three per cent of customers changing providers despite the hefty costs that consumers face, a new report shows. According to fintech firm Cardeo, the UK is the European country most reliant on credit card spending with 35 per cent of consumer credit in credit [...]
Post SVB reforms to UK banking regulation leaves sector divided

April 19, 2023

Figures in the banking sector are divided over suggested reform to deposit protection, with regulators reported to be mulling raising the deposit insurance threshold in the wake of the collapse of Silicon Valley Bank (SVB) last month. According to a report from the Financial Times, regulators are considering updating the Financial Services Compensation Scheme (FSCS) [...]
City firms rush to hire sustainability experts to handle incoming ESG rules

April 19, 2023

Over half of City firms expect to hire sustainability experts in the next 12 months as firms prepare to face tighter environmental regulations over the coming years. According to a report shared exclusively with City A.M. from recruiter Hays, 52 per cent of firms surveyed will hire experts in sustainability reflecting the growing importance of [...]
HSBC exaggerating costs of spinning off Asia unit, Ping An argues in rare rebuke

April 18, 2023

Ping An, HSBC’s largest shareholder, has publicly criticised the bank ahead of its AGM as it confirmed it will back calls to restructure the lender. The Chinese insurer, which holds an eight per cent stake in the bank, has long argued in favour of spinning off HSBC’s Asian business, which generates the vast majority of [...]
‘Worst volatility is behind us’ after March’s mini-crisis, says Goldman’s David Solomon

April 18, 2023

Goldman’s chair and chief executive David Solomon said the worst of March’s banking difficulties had passed, but stressed there were still dangers ahead. On an investor call following first quarter results, Solomon said “it appears the worst volatility is behind us thanks to prompt action from regulators.” Solomon said the quarter was “certainly volatile”, highlighting [...]
Goldman’s struggles continue as Bank of America boosted by higher interest rates

April 18, 2023

Goldman Sachs’ struggles continued today after it reported a slowdown in its investment banking division, with overall revenues coming in below market expectations. Goldman Sachs’ revenue fell five per cent to $12.2bn, lower than market expectations, while its profit fell 18 per cent year-on-year to $3.1bn. Its investment banking revenue remained subdued amid the continued [...]
Ping An to vote for HSBC break-up at upcoming AGM – reports

April 17, 2023

Ping An has thrown its weight behind proposals from investor Ken Lui to break up HSBC ahead of the bank’s Annual General Meeting (AGM) in early May, according to Reuters. The Chinese insurer will vote in favour of resolutions calling for the bank to lift its dividends and for it to provide regular updates on [...]

Center Parcs: UK pension funds in talks for stake in holiday giant

Battle of the Sexes tennis: Billie Jean King says it’s just entertainment

The Italy holiday taking in amazing skiing and a lesser-visited city

By: Chris Dorrell

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