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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Standard Chartered, Barclays, Natwest kick off UK bank earnings this week with interest income back in focus

April 24, 2023

Profit looks set to increase at the UK’s largest lenders as they line up to report first quarter earnings over the coming two weeks. The FTSE banking giants have seen relative stability over the last few weeks following the extreme volatility in March, but this stability means investors will refocus their attention on other major [...]
HSBC faces more shareholder pressure as Pirc urges investors to vote against re-election of Noel Quinn

April 23, 2023

HSBC faces yet more trouble at its upcoming AGM as shareholder advisory firm Pirc urges shareholders to vote against the re-election of chair Noel Quinn, according to a report in the Mail on Sunday. Justifying the recommendation, the investment advisory firm highlighted the bank’s alleged links to Hong Kong human rights abuses. Pirc said: “While [...]
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 [...]

Bingo halls at risk if Burnham hikes taxes, Mecca Bingo owner warns

Inside Paul Pogba’s Saudi camel racing club Al Haboob

Fielden: Crafting a modern whisky brand

By: Chris Dorrell

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