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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Citi eyes £6.6bn sale of Mexican bank Banamex as it retreats from international markets

February 13, 2023

Citigroup is nearing the sale of its Mexican retail bank Banamex in a deal that would be worth $8bn (£6.6bn), the Financial Times reported, despite government interference scaring off potential bidders. According to three people familiar with the matter, the owner of Mexico’s largest mining company, Germán Larrea, is in exclusive talks to purchase Banamex. [...]
Goldman Sachs boss admits job cull should have been made sooner when ‘slowdown’ was apparent

February 13, 2023

David Solomon told a gathering of Goldman Sachs executives that he should have cut jobs and slowed the investment bank’s hiring of new staff earlier in 2022 . Solomon was reported by the Financial Times as telling colleagues he had been too slow to reduce Goldman’s headcount. “As the environment was growing more complicated in [...]
MJ Hudson: EY quits as auditor after it ‘lost trust and confidence’ in firm’s management

February 13, 2023

EY has resigned as MJ Hudson’s auditor after losing trust in the company’s ability to “provide us with accurate and reliable information for audit”. The embattled asset manager received the news in a letter from the Big Four accountancy firm this morning in which EY said it would be resigning with immediate effect. In it’s [...]
UK banks set to report record profits of £37bn beating pre-financial crisis highs

February 13, 2023

The UK’s top banks are set to unveil record profits in the next two weeks after sharp interest rate hikes boosted the lenders’ coffers last year. The big five FTSE 100 banks – Barclays, HSBC, Lloyds, NatWest and Standard Chartered – could post cumulative pre-tax profits of £37.4bn as they reveal their earnings for 2022, [...]
Credit Suisse claims it has turned a corner but investors are unconvinced

February 9, 2023

Credit Suisse said today that it has turned a corner after a “horrific” 2022, but investors were less convinced as its share price dropped by nearly 13 per cent in afternoon trading. The sick man of European banking posted a CHF1.4bn (£1.3bn) quarterly loss today, bringing its total loss for the full year to CHF7.3bn. [...]
Standard Chartered shares jump as investors swoop on renewed reports of possible £28.8bn First Abu Dhabi deal

February 9, 2023

Shares in Standard Chartered jumped around 10 per cent following reports from Bloomberg that First Abu Dhabi Bank was still interested in making an offer for the London-headquartered lender. According to Bloomberg, figures at First Abu Dhabi Bank were working on a possible takeover “under the code name Silver-Foxtrot” once the cooling-off period required by [...]
Credit Suisse: Beleaguered lender posts £6.6bn loss for 2022 as it undergoes ‘radical’ restructuring to create ‘new’ bank

February 9, 2023

Credit Suisse slumped to a mammoth CHF7.3bn (£6.6bn) loss in 2022 as it posted yet another eye watering quarterly loss in the fourth quarter. Revenue at the bank fell 33 per cent compared to the same period last year while its loss between October and December was CHF1.4bn. The embattled Swiss lender had a “horrifying” [...]
HSBC complicit in suppressing human rights in Hong Kong, MPs allege

February 8, 2023

MPs have accused HSBC and other British banks of tacitly endorsing the suppression of human rights in Hong Kong. “British banks such as HSBC Bank Plc have been complicit in suppressing the human rights of Hongkongers, by proactively supporting the National Security Law,” the Hong Kong All-Party Parliamentary Group said in a report published today. [...]
Covid loan crisis as taxpayers foot £4.4bn bill to cover losses with more still owed in arrears or defaults

February 8, 2023

The cost of Covid-era loan losses to the taxpayer could total £11bn, according to figures released by the British Business Bank British banks have already been paid £4.4bn to cover losses including fraud with more in arrears or default. Of the £77bn issued across three different loan schemes, according to figures published , £4.4bn has [...]
Barratt: ‘Uncertainty’ pushes housebuilder’s sales reservations down 44 per cent but pre-tax profit rockets to £521m

February 8, 2023

Barratt Developments posted profit before tax of more than £520m as the company suggested that its outlook for the year was improving, despite sales at the beginning of 2023 lagging behind last year. The housebuilder’s revenue increased 24 per cent in the six months to December 31 from the same period last year while its [...]

Sport business quiz 2025: Test your knowledge with City AM’s topical teasers

Sport business quiz 2025: Test your knowledge with City AM’s topical teasers

Here are the biggest, best cultural moments of 2025

By: Chris Dorrell

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