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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JP Morgan profits up 52 per cent as it benefits from SVB chaos with influx in deposits of $37bn

April 14, 2023

JP Morgan reported a surge in profit in the first quarter and an increase in deposits as the Wall Street giant weathered turmoil in the banking sector to deliver record results. Profit at America’s largest bank soared 52 per cent to hit $12.6bn while its diluted earnings per share was $4.10, significantly ahead of consensus [...]
FTSE 100 live: London markets make small gains with retailers in focus as sterling stays strong

April 14, 2023

Markets opened marginally higher on Friday with a mixed performance from retailers while the pound continued to strengthen as investors increasingly expect the Fed to start cutting rates across the pond. The FTSE 100 opened 0.20 per cent higher at 7,859.58, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health [...]
888 shares rise as firm meets expectations despite costs from William Hill acquisition

April 14, 2023

888 shares rose in morning trading as the gambling giant performed in line with market expectations despite costs from the acquisition of William Hill and compliance failures. The gambling giant reported a pretax loss of £115.7m, swung from a £59m profit last year, due to costs associated with its June acquisition of William Hill. On [...]
UK banks reduce fossil fuel financing 31 per cent last year – but will the trend continue?

April 13, 2023

Most of the UK’s largest banks cut back on fossil fuel financing last year but activists argue the sector needs to make firmer commitments to ensure it meets its net zero commitments. According to an annual report from the Rainforest Action Network, the FTSE 100’s five banking giants lent $35.7bn to fossil fuel companies in [...]
UK banks report more defaults – and it’s likely to get worse

April 13, 2023

Banks and building societies have seen an uptick in defaults in both secured and unsecured lending – a trend that is expected to continue over the next three months, according to new data published by the Bank of England today. In the three months to February, UK lenders included in the Bank’s credit conditions [...]
TSB Bank’s ex-chief information officer fined more than £80,000 over IT debacle

April 13, 2023

TSB Bank’s former chief information officer has been fined £81,620 by the industry watchdog for failures relating to the botched merger of the firm’s IT services in 2018. The Prudential Regulation Authority (PRA) said Carlos Abarca, who left the bank in December 2019, “failed to take reasonable steps” to ensure that TSB managed the outsourcing [...]
JP Morgan’s top bankers told to work five days a week in the office

April 12, 2023

JP Morgan has asked its senior bankers in all of its offices around the world to work from the office five days a week in another sign of executives’ growing frustration with homeworking. In a memo to staff seen by City A.M., JP Morgan’s operating committee said that its leaders play “a critical role in [...]
Bank authorities must ‘learn lessons’ from March’s mini-crisis, top regulator warns

April 12, 2023

The world’s top financial authorities need to learn the lessons from the Silicon Valley Bank’s (SVB) collapse, the chair of a major global regulatory body warned today, hinting at the need for more stringent bank rules to prevent such chaos in the future. Klaas Knot, chair of the Financial Stability Board (FSB), noted the financial [...]
Deposits in focus as US banks line up to report amid banking volatility

April 12, 2023

The largest banks on Wall Street will start reporting their first quarter earnings later this week with investors set to pay very close attention to banks’ deposits. So far this year, huge amounts of money have flowed into higher-yielding money market funds from bank deposits. This picked up in March after the collapse of Silicon [...]
HSBC hires former SVB bankers to lead push into US ‘innovation economy’

April 12, 2023

HSBC has hired over 40 bankers who used to work at Silicon Valley Bank (SVB) as it establishes a new banking division focused on the “innovation economy” in the US. The new unit will sit in the bank’s commercial banking division and will focus on serving companies in technology and healthcare sectors. Many banks are [...]

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By: Chris Dorrell

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