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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Interest rate boon for UK banks coming to an end despite BoE’s 25 basis point hike

May 11, 2023

Banks have been revelling in the BoE’s sharp rate hikes, but today’s 25 basis point hike – which brings interest rates to 4.5 per cent – is unlikely to improve banks’ bottom line significantly, analysts said. Increasing competition and regulatory pressure means banks will likely have to pass on more of the rate hike – [...]
FTSE 100 Live: London markets fall following Bank of England’s interest rate decision

May 11, 2023

London’s FTSE 100 index fell this afternoon following the Bank of England’s latest interest rate decision, when the Bank’s base rate was lifted by 25 basis points. The capital’s premier index fell 0.64 per cent to 7,691.42 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK [...]
Fraudsters stole £1.2bn in 2022 as UK labelled ‘fraud capital of the world’

May 11, 2023

The UK has much further to go in its campaign against fraud as the latest figures show that over £1.2bn was stolen in 2022. According to new figures from UK Finance, £2,300 was lost every minute to authorised push payment (APP) fraud and unauthorised fraud. Commenting on the report, chief executive of UK Finance David [...]
Binance seeks green light from UK as City minister lays out future for crypto rules

May 10, 2023

Binance said it would do “everything we possibly can” to be regulated in the UK as the world’s largest crypto exchange hit out at the US’s regulatory environment. Speaking at the Financial Times’s Crypto and Digital Assets Conference, Binance’s chief strategy officer Patrick Hillmann argued the US “has been very confusing over the past six [...]
Despite bank collapses, US lenders report record $80bn in quarterly profits

May 10, 2023

Profits at US banks in the first quarter reached record levels, rising by a third to a total of $80bn, even as the sector dealt with the fallout of the Silicon Valley Bank’s (SVB) collapse. The banking turmoil was in fact a significant contributor to the profit boost. Half of the increase came from First [...]
Nationwide, Santander, TSB and Virgin Money probed over ‘measly’ savings rates

May 10, 2023

An influential parliamentary body has expanded its inquiry into the low savings rates paid by the UK’s retail banks, describing the current rates on offer as “measly”. Having investigated the UK’s four largest retail banks, MPs at the Treasury Committee have now sent letters to Nationwide, Santander, TSB and Virgin Money. These lenders account for [...]
Credit crunch: Data suggests high street banks reining in small business lending already

May 10, 2023

Small and medium-sized enterprises (SMEs) are increasingly concerned about lending conditions as new data shows that high street banks are pulling back from SME lending.
US regional banks slip again as PacWest leads peers lower following Fed’s lending survey

May 9, 2023

US regional banks continued their slide on Tuesday with Western Alliance dragging down a number of its peers the day after the Fed’s latest lending survey. LA-based lender PacWest was trading nearly seven per cent lower while Western Alliance was nearly five per cent lower. Fellow struggling regional lender Comerica was 3.6 per cent down. [...]
Britcoin: BoE’s CBDC head says digital pound will have ‘very highest standards of privacy’

May 9, 2023

The Bank of England’s director of fintech batted away concerns that a digital pound would threaten privacy as he confirmed that it would not be exchangeable with cryptocurrencies as they currently exist. Speaking at the Financial Times’ Crypto and Digital Assets Conference, Tom Mutton – who is responsible for leading the CBDC unit at the [...]
Regulator’s new enforcement proposals meet with mixed reviews from experts

May 9, 2023

Plans to encourage self-reporting from financial firms under investigation have received mixed reviews from regulation experts. Under proposals set out last week, the Prudential Regulation Authority (PRA) said subjects under investigation could halve their fines by cooperating early in the investigation. The PRA said the so-called ‘early account scheme’ is designed to provide “greater clarity [...]

KPMG report on AI found riddled with AI hallucinations

Do the Prem Rugby semi-finals need a Welsh URC team?

One year after Brian Wilson’s death: Beach Boys founder a genius like no other

By: Chris Dorrell

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