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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Britcoin could ‘open a new frontier’ in payments, says BoE official

February 28, 2023

A central bank digital currency (CBDC) could “open a new frontier” in payments and even make the financial system more stable, the deputy governor at the Bank of England said today. Speaking to MPs at a Treasury Committee hearing, deputy governor Jon Cunliffe said a so-called digital pound “could have huge benefits for the economy [...]
Credit Suisse relationship with Greensill Capital ‘seriously breached’ rules, says Swiss regulator

February 28, 2023

Credit Suisse “seriously breached its supervisory obligations” in its relationship with Greensill Capital, according to the Swiss financial watchdog Finma. Finma said the failures were due to poor risk management and “serious deficiencies” in its organisational structures After concluding its probe, Finma has ordered the bank to “periodically review” its most important business relationships, in [...]
Red tape for small banks to be reduced as regulator looks to boost sector’s competitiveness

February 27, 2023

The banking regulator has announced plans to reduce restrictions on small banks, saying it would take its new competitiveness mandate seriously. Announcing the regulations, Vicky Saporta, executive director at the Bank of England, said: “the importance of competition means that we need to act when rules that are proportionate for large firms are not proportionate [...]
Lloyds Bank: Shares fall after bumping up ‘bad loan’ recession provisions

February 22, 2023

Lloyds Bank reported that higher interest rates offset the money set aside to cope with loan defaults during the final quarter of 2022, but disappointed the market with yet more conservative guidance on net interest margin for 2023. Lloyds recorded a pretax profit of £1.8bn during the quarter, in line with company-compiled consensus and over [...]
Analysis: Has HSBC’s Noel Quinn done enough to ward off Ping An’s split campaign?

February 21, 2023

HSBC’s CEO Noel Quinn said today that “international connectivity remains our greatest strength.” It was clear he was attempting to ward off shareholder Ping An’s ongoing campaign to spin out HSBC’s Asian business, which makes the majority of the bank’s profit. Quinn was speaking after the lender announced its results for the final quarter of [...]
Co-op front runner in race to buy Sainsbury’s Bank’s £650m loan book, according to reports

February 21, 2023

The Co-operative Bank has tabled an offer for Sainsbury’s Bank’s £650m loan portfolio being, according to reports by Sky News. The Co-operative bank is among a number of parties understood to have tabled a bid for the supermarket bank’s loan book . An insider cited by Sky News said the Co-operative “appeared to be the [...]
Let the payouts commence: As HSBC profits top £4.3bn, banking giant looks likely to appease Asian shareholders

February 21, 2023

HSBC promised large payouts in 2023 to appease activist shareholder Ping An after comfortably beating market expectations in the final quarter of 2022. HSBC’s pretax profit for the final quarter nearly doubled to $5.2bn (4.3bn), beating market expectations of $5bn. This brought the bank’s total profit for 2022 to $17.5bn, seven per cent lower than [...]
London leads the way: SME confidence rebounds to nine month high after 50,000 firms folded last year

February 21, 2023

Confidence among small and medium-sized businesses (SMEs) continues to grow across the UK, with London leading the way, new data out today showed. 60 per cent of respondents in the capital expect their revenue to grow this quarter while they intend to make 12 new hires this quarter, according to Barclays SME Barometer. London is [...]
Tesco ‘considering sale’ of Tesco Bank, according to reports

February 20, 2023

Tesco is considering selling Tesco Bank, according to Sky News which has reported that the supermarket giant has started a review process for its banking arm. The review is at a very early stage, according to insiders, and may not lead to a formal sale process. A partial sale or joint venture may also be [...]
Concerns raised with EU’s new clearing regulations as it aims to lure market to bloc

February 20, 2023

Experts have warned that financial institutions operating in the clearing market are likely to face increasing costs as the EU brings in new regulations to grow its domestic clearing market. Under proposals announced in December, central counterparty clearing houses (CCPs) – an institution that helps manage the risks that might arise if one counterparty defaults [...]

Carabao Cup final ticket scam: Arsenal and Manchester City fans warned

Williams F1 ‘competing with top 50 teams in sport’, says Kenyon

This is low-key the best place to drink Italian wine in London…

By: Chris Dorrell

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