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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First Republic shares recover slightly as investors hope for a rescue deal

April 27, 2023

First Republic shares recovered slightly on Thursday as investors hoped the bank would be rescued from collapse. Shares in the San Francisco-based lender were trading 11 per cent higher on Thursday, although as yet there are no signs of a rescue package. Bloomberg Intelligence’s Herman Chan suggested the rebound resulted from “short-covering” as “there hasn’t [...]
Deutsche Bank posts best profit in a decade but warns 800 job cuts as cost cutting continues

April 27, 2023

Deutsche Bank recorded its best profit in a decade as the bank recorded its 11th consecutive quarter of profit but signalled there would be more job cuts as it continues its restructuring efforts. Pretax profit climbed 12 per cent to €1.9bn (£1.68bn), up from €1.7bn (£1.5bn) last year with a strong performance from the corporate [...]
Barclays shares rise as booming US credit cards and higher interest rates helps bank beat expectations

April 27, 2023

Barclays shares rose after it beat expectations in its first quarter results, as pretax profit rose 16 per cent on a strong performance from its domestic bank and booming US credit card spending. Across the group, Barclays’ pretax profit was £2.6bn, up 16 per cent from last year and comfortably beating company compiled consensus of [...]
First Republic shares continue to fall as investors fear collapse

April 26, 2023

First Republic’s shares fell nearly 40 per cent on Wednesday before recovering slightly as speculation grows that the ailing lender will have to be rescued. At the time of writing, its share price was down 21 per cent. Yesterday, the San Francisco-based bank’s share price closed over 30 per cent lower after it revealed on [...]
Cambridge dons launch tool to track Ethereum electricity consumption as concerns over environmental impact grow

April 26, 2023

Cryptocurrencies will face more scrutiny on their environmental impact after the University of Cambridge released a new open access tool to track electricity usage from cryptocurrencies, starting with Ethereum. The new Cambridge Blockchain Network Sustainability Index (CBNSI) hopes to provide “cutting edge insights into the current and historical environmental impact of various blockchain networks.” So [...]
Standard Chartered profit rises 21 per cent but confirms “no contact” with suitor First Abu Dhabi Bank

April 26, 2023

Standard Chartered beat expectations in the first quarter as rising interest rates once again boosted the bank but it confirmed there had been not contact with First Abu Dhabi Bank. The emerging markets-focused lender reported a pretax profit of $1.8bn, rising 25 per cent year on year and beating market expectations of a $1.4bn profit. [...]
Analysis: UBS begins tricky task of integrating Credit Suisse

April 25, 2023

While profit was down, analysts and investors were today far more concerned with how UBS will manage the integration of its long-time rival Credit Suisse.
Fresh fears for First Republic as shares plummet after losing over $100bn in deposit outflows

April 25, 2023

Shares in embattled lender First Republic slumped nearly 30 per cent today after it reported last night that it had lost around $100bn in deposits in the first quarter. The massive deposit flight represented more than half of its pre-crisis total and exceeded analyst expectations, raising fears that the bank is not yet out of [...]
FTSE 100 close: London ends down ahead of Google and Microsoft results as Primark owner slumps

April 25, 2023

London’s FTSE 100 was dragged lower today as investors fretted over the state of a batch of big tech results on Wall Street rolling in over the coming days. The capital’s premier index shed 0.27 per cent to drop to 7,891.13 points, while the domestically-focus mid-cap FTSE 250 index, which is more aligned with the [...]
Hunt for next Natwest chair begins as Howard Davies says he will step down by July 2024

April 25, 2023

The hunt for Natwest’s next chair is underway after Howard Davies told shareholders today he will be stepping down. Speaking at the bank’s AGM in Edinburgh, Davies said he expects a replacement to be found and handover completed by July next year. Noting that nine years was the maximum recommended tenure under the UK corporate [...]

Labour workers rights reforms could backfire for young workers

Women’s Super League fans spend more on matchdays than Premier League counterparts

Spirit of Speyside Whisky Festival to drive millions into Scotch sector

By: Chris Dorrell

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