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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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 [...]
UBS ‘$1billion’ deal for Credit Suisse to be fast-tracked past shareholders: reports

March 19, 2023

UBS’s possible $1bn acquisition of Credit Suisse is being fast tracked to ensure its completion before markets open on Monday morning in a dramatic attempt to preserve financial stability. According to the Financial Times, Swiss authorities are considering using emergency measures to bypass normal takeover rules. It reported that UBS indicated emergency powers would be [...]
‘No trade off between price stability and financial stability,’ ECB president Christine Lagarde says after rate rise

March 16, 2023

The recovery in European banking stocks slowed slightly on Thursday afternoon as the European Central Bank (ECB) stuck to its guns and raised interest rates by 50 basis points. With the meeting taking place amidst a nervous backdrop in the banking sector, ECB President Christine Lagarde said “there is no trade off between price stability [...]
Credit Suisse crisis: What’s going on and what will happen next?

March 16, 2023

Credit Suisse was once one of the world’s largest and most respected financial institutions but this week its shares have been on a downward spiral. Although the Swiss bank had been caught up in market speculation over the health of the global financial system it has been beset with problems over the last few years [...]
Credit Suisse shares rebound following £44bn support from Swiss central bank as top shareholder slams ‘unwarranted’ sell off

March 16, 2023

Credit Suisse’s shares rebounded over 20 per cent on Thursday morning as markets reacted positively to the embattled lender’s announcement that it will tap a CHF50bn (£44bn) liquidity line from the Swiss Central Bank. Credit Suisse’s shares jumped over 22 per cent in morning trading. The cost of insuring company bonds against default also dropped [...]
Investec profits set for £100m hike with bank latest to enjoy a boost from rising interest rates

March 16, 2023

Banking and wealth management group Investec said it would report a significant increase in profit compared to last year, with rising interest rates boosting the firm’s bottom line. Releasing a statement ahead of the bank’s year-end on 31 March, Investec expects to report an adjusted operating pretax profit of between £782.8m and £833.6m. Last year’s [...]
Dr Doom: Famed analyst says Credit Suisse crisis is a ‘Lehman moment’ for global markets

March 15, 2023

Economist Nouriel Roubini, nicknamed Dr Doom after he predicted the 2008 sub-prime crisis, said the Credit Suisse crisis is potentially a “Lehman moment” for European and global markets. In an interview with Bloomberg TV, Roubini said Credit Suisse is “too big to fail and too big to be saved”. Whereas the collapse of Silicon Valley [...]
Freefall: Credit Suisse potentially ‘next shoe to fall’ as bank contagion fears spread across Europe

March 15, 2023

Shares in Credit Suisse tanked today after one of its main shareholders ruled out providing new funding to the embattled lender prompting a major sell-off in the wider European banking sector. Credit Suisse shares traded as much as 30 per cent down earlier on Wednesday, and are now trading around 23 per cent lower. Banking [...]
IG Group shares dip as clients opt to hold positions amid millpond market conditions

March 15, 2023

Shares in IG Group slumped after it reported a fall in revenue and a drop in active client numbers, as lower market volatility resulted in fewer trades. In the three months to December – the third quarter of the firm’s year – revenue at the trading platform fell seven per cent to £239.3m. This was [...]
FTSE 100 close: Global banking rout weighs on index as budget does little to lift sentiment

March 15, 2023

London’s FTSE 100 slumped this afternoon as the banking sector faced a major sell-off following concerns over the future of Credit Suisse. The capital’s premier index closed 3.83 per cent lower at 7,344.45 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, shed 2.63 per [...]

Exclusive: London in talks to host return of sumo at Royal Albert Hall

Exclusive: London in talks to host return of sumo at Royal Albert Hall

Bowls Club is the City’s most eccentric (and brilliant) pop-up

By: Chris Dorrell

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