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

European markets to open higher after Credit Suisse drama as investors split on central bank rate hikes

March 21, 2023

European markets are set to open higher on Tuesday as investors bet that banking turmoil will put a halt to central banks’ battle to contain inflation The FTSE and Frankfurt’s DAX were called up 0.59 per cent while the CAC in Paris was called up 0.47 per cent. After the drama of the past few [...]
FTSE 100 closes up as investors hope Credit Suisse deal will contain banking crisis

March 20, 2023

Markets managed to shrug off turmoil in the banking sector to finish the day higher despite huge turmoil in the financial sector. The FTSE 100 closed 0.93 per cent higher at 7,403.85 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, climbed 0.13 per cent [...]
Credit Suisse set to pay bonuses and boost salaries despite UBS takeover

March 20, 2023

Credit Suisse is reportedly set to pay out bonuses and go ahead with planned salary increases for its staff despite the dramatic acquisition of the bank by UBS over the weekend. In an internal email sent to members of staff and seen by the Financial Times, the beleaguered lender said it “will continue to allocate [...]
Bank of England confirms AT1 bondholders priority over shareholders as it proclaims UK banks ‘safe and sound’

March 20, 2023

The Bank of England confirmed the pecking order in which investors would be paid out if a bank went bust as it sought to reassure markets about the stability of the UK’s financial system. In a statement released today, the UK central bank confirmed that alternative tier 1 (AT1) bondholders would be prioritised over shareholders [...]
Banking crisis: Thousands of City jobs at risk with UBS set to ‘downsize’ Credit Suisse investment bank division

March 20, 2023

Thousands of jobs in the City are at risk after UBS’s dramatic acquisition of Credit Suisse last night, with Credit Suisse’s investment banking division at the heart of discussions. The Swiss banking stalwarts employ some 11,000 people in London, including a high concentration of their investment banking units which were already facing potentially hefty job [...]
Banks recover morning losses as markets digest Credit Suisse-UBS merger

March 20, 2023

Shares in UBS were trading over 5 per cent down around midday on Monday, having traded nearly 10 per cent lower earlier in the day, after it completed its emergency acquisition of Credit Suisse over the weekend. Although many European banks were trading lower in the morning, most had recovered some of their losses shortly [...]
Banking crisis and Fed’s credit line: how does it work and how concerned should we be?

March 20, 2023

Central banks around the world announced last night that they were taking steps to improve access to liquidity in the financial system. In a coordinated move reminiscent of Covid in 2020 and the financial crisis in 2008, central banks in the US, the eurozone, Britain, Japan and Canada announced new measures to calm financial markets. [...]
Fed set to hike rates by 25 basis points despite turmoil in US banking sector

March 20, 2023

The Federal Reserve is expected to raise interest rates for the ninth time in a row later this week despite widespread instability in the US banking sector. According to Fedwatch there is a 62 per cent chance that the Fed will opt for a 25 basis point hike and 38 per cent chance that it [...]
UBS agrees to buy Credit Suisse to avoid “unthinkable” consequences

March 19, 2023

THE SWISS government last night brokered a discount $3bn (£2.6bn) deal that will see UBS rescue Credit Suisse from bankruptcy and avoid “irreparable” damage to the global financial system. In an extraordinary press conference last night, the Swiss President said deposit outflows on Friday at Credit Suisse on Friday meant it was “no longer possible [...]
Credit Suisse’s timeline of misfortune

March 19, 2023

Credit Suisse is on the verge of being taken over by its Swiss rival UBS having suffered a bruising few years in which the bank has stumbled from one crisis to another. From “tuna bonds” to Greensill, City AM looks back at the series of scandals which have brought the 167-year old lender to the [...]

Iran vows to never surrender following US demand

Fifa’s credibility is shot because it can’t decide what it wants to be

Ford Mustang Sutton CS800DH review: Taming a wild horse

By: Chris Dorrell

All 618 Articles

Subscribe