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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Asos hit by “dark destroyer” short seller

April 23, 2023

Struggling online retailer Asos has been hit by a big short attack from the hedge fund Shadowfall as it attempts to recapture its pandemic-era lustre. Matthew Earl, head of investment firm Shadowfall, nicknamed the “dark destroyer”, has built a short position in Asos worth about £4m, the Sunday Times reported. Asos is the second most [...]
BNY Mellon warns staff could face ‘corrective action’ if they don’t return to office

April 23, 2023

BNY Mellon has warned employees they may face “correction action” if they do not return to the office, a move that has been met with a mixed reception from the bank’s staff, according to the Sunday Times. In a message entitled ‘Working Together’ sent to employees on 30 March, senior executive vice president Roman Regelman [...]
Bank of America at odds with Lloyd’s over state-backed cyberattack exemption

April 20, 2023

Bank of America has reportedly raised concerns with Lloyd’s of London about a move to exempt “state-backed” cyberattacks from standard insurance policies. Bank of America highlighted its concerns with the policy in a series of meetings between Lloyd’s and its biggest clients, the Financial Times reported. Marsh, the world’s biggest broker, is also understood to [...]
HSBC boss hopes ‘brave’ last-minute call to buy Silicon Valley Bank UK pays off

April 20, 2023

HSBC’s UK boss Ian Stuart today defended the bank’s decision to buy Silicon Valley Bank UK, arguing the bank needed to be “brave”.
‘We need a new rulebook’ because ‘times have completely changed’, Blackrock’s Wei Li says

April 20, 2023

The global economy has entered a “new regime” as a series of major changes transform the global economy, Blackrock’s global chief investment strategist said. Speaking at TheCityUK’s international conference, Wei Li said “the times have completely changed and we need a new playbook.” Li suggested the global economy is being affected by a series of [...]
After AI update, Bloomberg looks to boost terminals with more alternative data

April 20, 2023

Bloomberg will expand its alternative data offering on its terminals this summer, the company’s chief technology officer told City A.M., after the firm announced that it plans to integrate an ChatGPT-like AI model into its software. Shawn Edwards said the financial data vendor aims to bring new sets of data to its terminals alongside the [...]
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 [...]

‘Easiest time to rent in six years’ as housing supply improves

Itoje and Pollock can boost Britain’s soft power on global stage, MP says

The Louis Theroux Manosphere doc is horrid, addictive viewing

By: Chris Dorrell

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