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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Credit Suisse continued enabling tax evasion after 2014 settlement with DoJ, US Senate finds

March 29, 2023

Credit Suisse violated a settlement agreement with the US Department of Justice as it continued to help wealthy Americans to avoid paying tax, a Senate investigation has alleged. The probe, which took two years to complete, accused the lender – which will shortly be taken over by UBS – of committing “major violations” following its [...]
UK banks still ‘resilient’ but BoE warns of ‘urgent need’ to address less regulated areas of finance sector

March 29, 2023

UK banks are “resilient” despite global banking turmoil, the Bank of England said today, but warned there was an “urgent need” for further rules in the less tightly regulated market-based finance sector. Amidst volatility in the financial sector following Silicon Valley Bank’s collapse and the emergency acquisition of Credit Suisse by UBS, the Bank reaffirmed [...]
UBS re-appoints Sergio Ermotti as CEO saying he’s ‘ideally placed’ to steer through acquisition of Credit Suisse

March 29, 2023

UBS has reappointed Sergio Ermotti as chief executive just weeks after the Swiss banking giant acquired its long-time rival Credit Suisse in a $2bn bail out. Emotti, who will replace the outgoing Ralph Hamers, was previously chief executive for nine years up to 2020, directing the bank in the aftermath of the financial crisis. Hamers [...]
ECB official slams ‘opaque’ CDS market after Deutsche Bank’s share price drop

March 28, 2023

A top official at the European Central Bank (ECB) has slammed the “opaque” nature of the credit default swap (CDS) market, after a sharp jump in prices of Deutsche Bank’s CDS caused the lender’s shares to plummet last Friday. Responding to a question about the sudden drop in Duetsche’s share price last week, Andrea Enria, [...]
UK should not push through Edinburgh reforms, top banking expert warns

March 28, 2023

The government should not relax financial sector regulations at a time when banks are already facing severe pressure, a senior banking expert has warned. John Vickers, former chair of the independent commission on banking, told City A.M. that “current events should put an end to any thoughts of rolling things back,” referring to the government’s [...]
Andrew Bailey dismisses banking volatility as ‘testing out’ but stresses BoE remains ‘vigilant’

March 28, 2023

Andrew Bailey today dismissed recent volatility in the banking sector as “testing out” firms although he stressed that officials in the UK remained “very vigilant” for further signs of friction. Responding to a grilling by MPs on the treasury committee, the governor of the Bank of England said “there’s been quite sharp moves in markets [...]
Deutsche Bank shares recover as market nerves settle, for now

March 27, 2023

Deutsche Bank’s share price gained 5.3 per cent during Monday morning’s trading after tanking on Friday as the cost of insuring the company’s debt against default soared. The banking sector has been extremely volatile since the collapse of Silicon Valley Bank (SVB) and the emergency acquisition of Credit Suisse by UBS, with many wondering which [...]
City moves: Citi’s head of UK investment banking on the move

March 27, 2023

Citi’s head of UK investment banking Andrew Truscott has been appointed CEO of John Laing Group. John Laing, which is backed by private equity firm KKR, is an investor and manager of core infrastructure assets. Truscott has been at Citi since 2018, and will join John Laing in early summer. Before joining Citi he spent [...]
Saudi National Bank chair resigns after bank loses $1.2bn in Credit Suisse investment

March 27, 2023

Chair of Saudi National Bank (SNB) Ammar Al Khudairy stepped down today after the bank chalked up a $1.2bn loss on its investment in Credit Suisse. SNB said in a statement that Al Khudairy had resigned for “personal reasons” and the current chief executive, Saeed Mohammed Al Ghamdi, will takeover as chair of the lender. [...]
First Citizens Bank to acquire Silicon Valley Bank in attempt to stem turmoil

March 27, 2023

First Citizens Bank announced on Monday that it will acquire large parts of the loans and deposits of collapsed Silicon Valley Bank (SVB) from the Federal Deposit Insurance Scheme (FDIC). Under the deal, First Citizens will assume SVB assets of $110bn, deposits of $56bn and loans of $72bn. The FDIC estimates the cost of SVB’s [...]

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By: Chris Dorrell

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