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 delays annual report after call from SEC

March 9, 2023

Credit Suisse has delayed publishing its annual report following a call from the US Securities and Exchange Commission late on Wednesday evening, the lender said today. The SEC were concerned by cash flow statements in 2019 and 2020 as well as “related controls”. In its 2021 annual report, Credit Suisse revised how it filed a [...]
Engagement with fossil fuel companies better than divestment, say green finance chiefs

March 8, 2023

Green finance chiefs agreed engagement with polluting companies was better than divesting as they faced MPs’ questions today on how the City of London was supporting the transition to net zero. Speaking to the Environmental Audit Committee, head of climate change at HSBC Tim Lord said “our strategy is absolutely around engagement”. “The objective here [...]
FCA clamps down on illegal crypto ATMs in East London

March 8, 2023

The Financial Conduct Authority (FCA) has clamped down on unregistered crypto ATMs in East London as it expands its efforts to shut down the illicit sector . The FCA inspected several sites in a joint operation with the Metropolitan Police. Crypto ATMs allow people to buy or convert money into cryptoassets. No crypto ATMs are [...]
JP Morgan’s Chase: ‘We haven’t entered the market just to be a small challenger’

March 8, 2023

JP Morgan’s digital challenger bank Chase has set its sights on becoming a major retail bank in the UK, even if it costs a lot, a top executive at the bank told City A.M. Shaun Port, managing director for everyday banking at Chase, said: “We haven’t entered the market just to be a small challenger.” [...]
UK commits £76m of dormant assets to tackle cost of living crisis

March 7, 2023

The government has committed £76m of dormant assets to go towards tackling the cost of living crisis as it seeks to unlock over £800m for community funding over the next few years. The Department for Culture, Media and Sport (DCMS) confirmed today that an initial £76m will be distributed to 69,000 people under the Dormant [...]
Climate change: Finance groups praise ‘world leading’ transition plans but warn of challenges ahead

March 7, 2023

UK finance firms have praised the ambition of new climate change regulations which will set out a potentially world-leading framework for assessing companies’ climate transition plans. The transition plan taskforce (TPT) is considering proposals to make a standardised framework for assessing climate transition plans due to concerns plans published by companies at the moment “vary [...]
Bankers’ bonus cap was not working, UK banking regulator says

March 7, 2023

The imposition of the bankers’ bonus cap has had “precisely the opposite effect” to what regulators intended, the head of the UK’s main banking regulator said today, as he sought to defend the government’s decision to scrap the cap. Sam Woods, head of the Prudential Regulation Authority (PRA), said that while scrapping the bonus cap [...]
Reform childcare system to unlock 10 per cent GDP growth by 2025, think tank says

March 7, 2023

A think tank has called on the government to reform its “disproportionate and illogical” childcare policies, citing OECD data that it could boost GDP growth by up to 10 per cent by 2025 In a new report published today, the Adam Smith Institute said the UK’s childcare system is holding back the UK’s growth because [...]
Credit Suisse’s former top shareholder Harris Associates dumps stake in beleaguered bank

March 6, 2023

Long-standing Credit Suisse shareholder, Harris Associates, has sold its entire stake over the past few months, its chief investment officer David Herro has said. Herro told the Financial Times the investor had lost patience with Credit Suisse’s strategy to stem persistent losses and its client exodus. Herro had been a prominent supporter of Credit Suisse [...]
UBS chief’s pay rose 11 per cent to £10.9m but wider bonus pool dropped to £2.75bn

March 6, 2023

UBS boss Ralph Hamers received a boost to his annual pay to the tune of a cool £10.9m, reflecting the bank’s strong performance in 2022, but its overall bonus pool fell. Hamers pocketed CHF12.2m (£10.9m) in 2022, eleven per cent more than last year, with the figure including his base salary and the cash performance [...]

‘Open the f**king strait’ – Trump issues brutal ultimatum to Iran

Newcastle United and Everton stadium sales are not solutions, they are delays

Barbican Centre: the brutalist landmark weaving art into everyday London life.

By: Chris Dorrell

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