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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Revolut takes the fight to regulators as business secretary seeks ‘urgent’ meeting

May 8, 2023

Revolut has attacked UK regulators for being “extremely bureaucratic” twice over the past few days as reports suggest government figures are attempting to soothe the fintech’s concerns. According to the Daily Telegraph, business secretary Kemi Badenoch is seeking an emergency meeting with Revolut to convince it to stay in the UK. The newspaper reported that [...]
Banking crisis reinforces need for ringfencing as government’s consultation comes to an end

May 8, 2023

Experts have warned that the recent banking stresses demonstrate the importance of the ringfencing regime as the government’s consultation comes to an end. Treasury ministers are keen to push forward with changes to how banks are forced to separate their retail and commercial activities with, for instance, investment banking operations – reducing the number of [...]
Banking crisis: Ex-BoE’s Paul Tucker calls for regulatory overhaul to battle bank runs

May 8, 2023

Banks should be required to keep enough collateral with the central bank to cover all of their short-term deposits, an ex-Bank of England wonk has said. Speaking to the Financial Times, former Bank of England Deputy Governor Paul Tucker said “it would mean that, subject to a bank being fundamentally insolvent, central banks could 100 [...]
Post-Brexit powers mean regulators need greater oversight, City figures warn

May 5, 2023

Ex-ministers and City figures have warned that the government is not doing enough to improve the scrutiny of regulators after Brexit, in a sign that past rows about protecting the independence of the UK’s top financial regulators could resurface in the coming months. Following Brexit, UK financial regulators, such as the Prudential Regulation Authority (PRA) and [...]
TSB Bank demand Facebook and Whatsapp take responsibility for fraud on their platforms

May 5, 2023

TSB Bank have demanded that Meta-owned companies, such as Facebook and Whatsapp, take greater responsibility for fraud carried out on their platforms as the government launches its new fraud crackdown. Launched earlier this week, the government’s fraud strategy laid out a series of proposals to stop online scammers, but it dropped plans to make tech [...]
Regional banks in US continue slide as crisis deepens

May 4, 2023

Shares in regional banks fell further today as the crisis among regional banks in the US continues. Western Alliance was one of the worst hit, trading nearly 40 per cent lower. It vehemently denied a report from the Financial Times that it was considering a sale of all or parts of its business. The Arizona-based [...]
Pacwest explores potential sale as US banking turmoil looks set to roll on

May 4, 2023

After its share price tanked 50 per cent yesterday, Pacwest confirmed late last night that it was exploring "all options to maximise shareholder value" following reports that it was looking at a potential sale.
Virgin Money shares slide as profit falls by a quarter on higher provisions for bad loans

May 4, 2023

Virgin Money’s pretax profit slipped by a quarter in the six months to March as the bank set aside more funds to cope with expected impairment losses. Richard Branson’s challenger bank recorded £144m in provisions for bad loans compared to just £21m in the same period last year. Its shares were trading over five per cent [...]
Ex-Barclays boss: New tech and social media have power to ‘turbocharge’ bank runs

May 4, 2023

New technologies and social media have the power to “turbocharge” bank runs, former Barclays boss Antony Jenkins has said, commenting on the collapse of Silicon Valley Bank (SVB). Speaking to City A.M., Jenkins said “technology is a wonderful thing” that has drastically improved the experience for financial services customers in many different ways. But while [...]
Calm for now: US regional banks make small gains ahead of Fed rate decision

May 3, 2023

Regional banks in the US notched small gains on Wednesday as the sector seemed to calm down following yesterday’s sell-off. Pacwest was trading 3.3 per cent higher while Western Alliance was up 2.1 per cent. The KBW Regional Bank index was up 1.2 per cent. Larger lenders were more mixed. JP Morgan was down 1.1 [...]

Shawbrook’s profit jumps as bank goes bullish on AI

Horse racing came together to fight tax hikes. Now it must unite again

Spirit of Speyside Whisky Festival to drive millions into Scotch sector

By: Chris Dorrell

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