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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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 [...]
Truss mini budget chaos blamed for fall in mortgage lending, as value of new home loans dips and arrears rise

March 14, 2023

A slump in mortgage lending during the last quarter of 2022 has been blamed on the aftermath of the Truss mini-budget, as the level of arrears crept up for the first time in nearly two years. Figures released by the Financial Conduct Authority (FCA) show the value of new mortgage commitments fell 33.5 per cent [...]
Silicon Valley Bank: how has the US rescue differed from the UK… and is it a bailout?

March 14, 2023

US regulators moved to insure customers' deposits and steady the sector after Silicon Valley Bank collapsed.
NatWest imposes £1,000 daily limit on Crypto spending to protect people against ‘losing life changing sums’

March 14, 2023

NatWest imposed stricter restrictions on cryptocurrency transfers as it seeks to protect its customers after £329m was lost by UK consumers last year. The bank is implementing a daily limit of £1,000 and a 30-day payment limit of £5,000 to cryptocurrency exchanges. It is implementing the rules to “help protect customers losing life changing sums [...]
Banking sell-off slows in Europe after SVB collapse as US lenders set for recovery

March 14, 2023

The banking sell-off eased in Europe today while US regional banks are poised to rebound as investors continue to digest the implications of Silicon Valley Bank’s collapse. Fears of contagion sparked a brutal sell-off in Europe yesterday with the European Stoxx bank index falling 6.7 per cent. But Europe’s lenders have had a calmer day [...]
Credit Suisse woes mount as shares fall on discovery of ‘material weaknesses’ in financial reporting controls

March 14, 2023

Credit Suisse’s shares continued to slide after it found “material weaknesses” in its financial reporting controls as it released its delayed annual report. The bank’s shares were trading 4.4 per cent lower on Tuesday morning at just CHF2.16. The embattled lender said its “internal control over financial reporting was not effective” for both 2021 and [...]
Close Brothers profit takes a 90 per cent hit following £100m Novitas write off

March 14, 2023

Close Brothers half year profit slumped as the bank set aside over £100m for bad loans relating to legal finance specialist Novitas. As a result of the provisions the London-based merchant bank’s adjusted operating profit fell 90 per cent to £12.6m during the six months ending January 2023. Close Brothers signalled to the market in [...]
Analysis: Silicon Valley Bank’s fall isn’t systemic – but there are lessons to learn

March 14, 2023

The collapse of Silicon Valley Bank (SVB) should not pose a threat to wider financial stability in Europe, analysts argue, although it has thrown light on a series of issues that stakeholders will need to address. Amidst a slump in bank’s share prices following SVB’s collapse, regulators have been rushing to restore confidence to a [...]
Banks and insurers may not be ‘sufficiently capitalised’ for future climate-related losses, Bank of England reports

March 13, 2023

The Bank of England said there was “uncertainty” over whether banks and insurers are “sufficiently capitalised” to deal with climate-related risks, but suggested there was not enough justification to increase their capital requirements at the moment. In a report published today, the Bank said climate risks create a challenge for regulators as the uncertainty surrounding [...]
Silicon Valley Bank triggers rout as HSBC, Lloyds and Natwest shares tumble

March 13, 2023

Bank stocks slumped on both sides of the Atlantic today as the fall out of the Silicon Valley Bank crisis spooked investors. The sector has been plunged into turmoil since Friday as the full scale of the troubles at the start-up and venture capital focused lender became clear. American bank First Republic was among the [...]

Inside Formula 1’s £10,000 hospitality ticket on the back of a moving lorry

Inside Formula 1’s £10,000 hospitality ticket on the back of a moving lorry

This is Bentley’s first electric car, the Torcal

By: Chris Dorrell

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