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.

All 618 Articles

Barclays follows Citi, Goldman and Morgan Stanley in cutting 100 investment bank jobs despite rate hike profits

April 17, 2023

Barclays will follow Citi, Goldman Sachs and Morgan Stanley in cutting more than 100 investment banking jobs, according to Sky News’ Mark Kleinman. The London-based bank is set to axe the jobs following the industry slowdown in deals and IPOs. The layoffs will be spread across multiple countries and across divisions in the bank, it was [...]
Banks reduce support for North Sea oil firms as windfall tax becomes embedded

April 17, 2023

Banks are slashing their support for North Sea oil and gas firms as the windfall tax begins to impact financing deals for future projects.
Crisis, what crisis? Interest income boosts US banks as boon expected to continue

April 16, 2023

The largest US banks appear in rude health despite concerns about the wider financial sector as higher interest rates continue to boost lenders. JP Morgan, Citi and Wells Fargo all beat expectations when they released results for the first quarter on Friday. In response, analysts at UBS wrote “crisis, what crisis? The banking industry flexes [...]
Coalition of 15 investors with total assets of £2.4trn plead with firms to protect lowest-paid workers

April 14, 2023

A coalition of investors are demanding that businesses take “decisive action” to protect their lowest paid workers during the cost of living crisis. The coalition, which includes 15 investors with a combined £2.4trn in assets under management, argued that the lowest-paid workers are “disproportionately impacted by the rising cost of living.” Companies should ensure that [...]
HSBC’s exit from French retail market set to face delays as ‘unexpected interest rate rises’ force Cerberus to find more cash

April 14, 2023

HSBC’s exit from the French retail market has been thrown into doubt after Cerberus Capital said it will need to stump up more cash to fund the transaction as a result of rising interest rates. In a statement today, HSBC said “unexpected interest rate rises” have forced Cerberus to significantly increase the amount of capital [...]
US banks outperform expectations with interest income boosting profit at both Wells Fargo and Citi

April 14, 2023

Wells and Citi both saw profit come in comfortably ahead of market expectations as US banks weathered the storm prompted by the collapse of Silicon Valley Bank (SVB). At Wells Fargo, revenue climbed 17 per cent to $20.7bn helping profit rise 32 per cent year-on-year to come in at $5.0bn. Markets expected revenue to be [...]
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 [...]

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

£9bn World Cup too big to be derailed by Middle East conflict, says Fifa chief

Aboard the Celebrity Cruises ship with Gwyneth Paltrow partnership

By: Chris Dorrell

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