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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Influential shareholder group backs re-election of Barclays board despite concerns over ex CEO Staley

April 17, 2023

Institutional Shareholder Services (ISS) recommended Barclays shareholders re-elect all of its board members, but admitted that “questions may be posed” over the board’s decision to back disgraced ex-CEO Jes Staley between 2019-2021. ISS argued that it was too soon to make a judgement on the board’s actions regarding Jes Staley, suggesting that investors wait for [...]
Apollo commits to London with new office to act as ‘hub’ for European expansion

April 17, 2023

Apollo is set to open a new office in London as it seeks to continue its expansion into Europe amid a flurry of dealmaking. In a release put out today, the US private equity fund said it will combine its teams in a 88,000 square foot office at 1 Soho Place. The office – which [...]
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 [...]

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By: Chris Dorrell

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