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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Bankers’ bonus cap was not working, UK banking regulator says

March 7, 2023

The imposition of the bankers’ bonus cap has had “precisely the opposite effect” to what regulators intended, the head of the UK’s main banking regulator said today, as he sought to defend the government’s decision to scrap the cap. Sam Woods, head of the Prudential Regulation Authority (PRA), said that while scrapping the bonus cap [...]
Reform childcare system to unlock 10 per cent GDP growth by 2025, think tank says

March 7, 2023

A think tank has called on the government to reform its “disproportionate and illogical” childcare policies, citing OECD data that it could boost GDP growth by up to 10 per cent by 2025 In a new report published today, the Adam Smith Institute said the UK’s childcare system is holding back the UK’s growth because [...]
Credit Suisse’s former top shareholder Harris Associates dumps stake in beleaguered bank

March 6, 2023

Long-standing Credit Suisse shareholder, Harris Associates, has sold its entire stake over the past few months, its chief investment officer David Herro has said. Herro told the Financial Times the investor had lost patience with Credit Suisse’s strategy to stem persistent losses and its client exodus. Herro had been a prominent supporter of Credit Suisse [...]
UBS chief’s pay rose 11 per cent to £10.9m but wider bonus pool dropped to £2.75bn

March 6, 2023

UBS boss Ralph Hamers received a boost to his annual pay to the tune of a cool £10.9m, reflecting the bank’s strong performance in 2022, but its overall bonus pool fell. Hamers pocketed CHF12.2m (£10.9m) in 2022, eleven per cent more than last year, with the figure including his base salary and the cash performance [...]
The financial crisis lurking in the shadows: Why regulators must now turn their attention to shadow banking

March 6, 2023

Some would argue that predicting the next financial crisis is a near impossible task. But Nobel-prize winning economist Douglas Diamond said in October last year: “The last [financial crisis] started in the banks, it stayed in the banks. This one’s going to start in the shadow banks and the companies.” Shadow banking encompasses a variety [...]
Banks must pass on rate hikes to savers – or risk a windfall tax, warn experts

March 5, 2023

Banks should pass on higher interest rates to savers in order to stave off pressure for a windfall tax, a host of experts have warned. Calls for a windfall tax on the banking sector have grown after most of the UK’s largest lenders recorded strong profits in their latest results. After a decade of ultra-low [...]
MPs demand action on fraud reimbursement as they criticise ‘half-baked’ plans

March 4, 2023

MPs have slammed proposals to reimburse fraud victims, describing the plans as “half-baked” without further action from the regulator. Under the plans being considered by the Payment Systems Regulator (PSR), banks and building societies will have to fully reimburse victims of authorised push payment fraud where the loss is over £100. Last month MPs questioned [...]
Crypto: Nationwide bans credit card exchange payments and HSBC limits digital currency spending as consumer risk fears grow

March 3, 2023

Several UK banks have restricted their customers from buying crypto assets as concern grows about the risks posed by digital currency to customers. In an email to customers earlier this week, Nationwide said it would not allow payments to crypto exchanges using its credit cards and would impose a £5,000 daily limit on current account [...]
Jack Dorsey’s Block puts £2m into Birmingham community lender breaking ‘new ground’ for industry

March 2, 2023

A not-for-profit community lender in Birmingham has received £4m in funding, including £2m from ex-Twitter CEO Jack Dorsey’s company, in a sign the local finance sector is set to enter a new phase. Block Inc, a mobile payments firm set up by Dorsey in 2009, is providing £2m to ART Business Loans, representing its first [...]
Hong Kong stock exchange operator to open London office

March 2, 2023

Hong Kong Exchanges and Clearing (HKEX) confirmed today that it will open an office in London in the first half of 2023. It said the new office will expand the group’s international reach and promote greater global connectivity. HKEX chief executive Nicolas Aguzin, said: “HKEX has strong ties with the financial community in London through [...]

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By: Chris Dorrell

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