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

All 562 Articles

UK trade data market not working ‘as it should’ as investors pay the cost of lack of competition, says FCA

March 2, 2023

A new study from the Financial Conduct Authority (FCA) has found competition in the wholesale data market is “not working as well as it should”, leading to extra costs for investors and savers. Trading data includes information on the prices and volumes of financial products traded and supplied by venues such as stock exchanges. The [...]
Metro Bank loss narrows to £70.7m as bank vows to put compliance issues behind it

March 2, 2023

Higher interest rates helped Metro Bank narrow its loss for the year as the bank attempts to put a series of compliance missteps behind it. Metro Bank’s pretax loss narrowed to £70.7m in 2022, as the bank saw revenue jump 31 per cent on the back of higher interest rates. The bank noted it was [...]
Small businesses call on Hunt to tackle ‘childcare crisis’ as economic impact grows

March 1, 2023

One of the UK’s leading business groups has called on Chancellor Jeremy Hunt to immediately tackle the “childcare crisis” in the upcoming budget as the high cost of childcare is increasingly forcing parents out of the workforce. Childcare providers face insufficient funding, the Federation of Small Businesses (FSB) told City A.M., and are either having [...]
Savings accounts: Banks under fire as MPs demand to know why interest rate rises have not been passed on to savers

March 1, 2023

MPs have asked further questions of banks’ savings rate as pressure increases on the UK’s major high street lenders to pass on higher interest rates to consumers. In a letter to the heads of four of the UK’s largest banks, chair of the Treasury Committee Harriet Baldwin asked banks why their savings rates remain lower [...]
‘Shame on them’: Skipton Group boss slams banks for not passing on rate hikes to savers

March 1, 2023

Skipton Group today criticised rival high street lenders for failing to pass on higher interest rates to savers. Britain’s banks have seen their income boosted by the Bank of England’s attempt to stave off inflation with a succession of ten straight interest rate hikes. The base rate now stands at four per cent – the [...]
Co-operative Bank profit surges to £132.6m as CEO Slape confirms bank still looking at acquisition targets

March 1, 2023

The Co-operative Bank recorded a big increase in pretax profit in its final year results thanks to higher interest rates as CEO Nick Slape confirmed the bank was still scanning the market for acquisition targets. . Across 2022 as a whole, pretax profit increased to £132.6m up from £31.1m last year. This was primarily a [...]
Goldman Sachs considers selling consumer platforms unit as it searches for stable revenue

February 28, 2023

Goldman Sachs is considering selling its consumer platforms business but remains committed to wealth management as it searches for a more stable source of revenue, boss David Solomon said today. Speaking at an investor day on Tuesday, the bank’s chief executive said, according to reports, the bank was exploring “strategic alternatives” for parts of its [...]
Britcoin could ‘open a new frontier’ in payments, says BoE official

February 28, 2023

A central bank digital currency (CBDC) could “open a new frontier” in payments and even make the financial system more stable, the deputy governor at the Bank of England said today. Speaking to MPs at a Treasury Committee hearing, deputy governor Jon Cunliffe said a so-called digital pound “could have huge benefits for the economy [...]
Credit Suisse relationship with Greensill Capital ‘seriously breached’ rules, says Swiss regulator

February 28, 2023

Credit Suisse “seriously breached its supervisory obligations” in its relationship with Greensill Capital, according to the Swiss financial watchdog Finma. Finma said the failures were due to poor risk management and “serious deficiencies” in its organisational structures After concluding its probe, Finma has ordered the bank to “periodically review” its most important business relationships, in [...]
Red tape for small banks to be reduced as regulator looks to boost sector’s competitiveness

February 27, 2023

The banking regulator has announced plans to reduce restrictions on small banks, saying it would take its new competitiveness mandate seriously. Announcing the regulations, Vicky Saporta, executive director at the Bank of England, said: “the importance of competition means that we need to act when rules that are proportionate for large firms are not proportionate [...]

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By: Chris Dorrell

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