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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NatWest shares dive six per cent as £1.3bn profits fail expectations and fear grows of banking ‘slump’

February 17, 2023

NatWest became the second FTSE 100 bank to take a beating as its forward guidance disappointed investors and analysts alike. NatWest’s share price was trading more than six per cent lower this afternoon, despite delivering its biggest profits since the financial crisis in 2022, as it forecast a difficult 2023. “The outlook for this year [...]
Shadow banks: S&P warns higher borrowing costs risk contagion of ‘financial instability’

February 17, 2023

Risks to financial stability “could emerge from the shadows”, according to a report from S&P Global Ratings. The report found that higher interest rates may put pressure on the highly leveraged shadow banking sector. While traditional banks have limited exposure to shadow banks, the wider financial system could face “indirect” risks of contagion if large [...]
FTSE 100 live: London’s blue chip index falls as NatWest and Lloyds share prices slump

February 17, 2023

London’s FTSE 100 dropped lower on Friday as a share price slump from NatWest and high street rival Lloyds weighed on the index. The capital’s premier index jumped 0.53 per cent to 7,972.29 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, dropped 0.76 per [...]
NatWest quarter profits almost triple to £1.3bn as higher interest rates offset bad loan provision

February 17, 2023

NatWest recorded bumper profits in the final quarter of last year as the boost from higher interest rates outweighed funds set aside to cope with bad loans. Profits at the bank increased to £1.3bn in the final quarter, in line with market expectations and doubling compared to last year. This brought yearly profits to £3.6bn, [...]
Small businesses risk running out of cash after post Brexit banking rules rollout

February 16, 2023

New banking regulations could increase the cost of small business lending by around a third and “fundamentally change” the market as debate around the implementation of international banking rules in the UK intensifies. Regulators in the UK are scrutinising the latest round of Basel regulations, the global regulatory overhaul prompted by the financial crisis. Concerns [...]
‘Substantial reduction’ in bonuses at Deutsche Bank and Barclays as fallout from WhatsApp scandal continues

February 16, 2023

Deutsche Bank and Barclays have both cut bonuses for senior staff that inappropriately used WhatsApp as the fallout from an industry-wide crackdown on the use of private messaging services continues. According to Bloomberg, employees at Deutsche Bank who were found to be in severe breach of policies will see a “substantial reduction” in their bonus. [...]
Standard Chartered announces $1bn buyback scheme and lifts guidance despite weak profit

February 16, 2023

Standard Chartered announced a $1bn (£831m) buyback scheme and raised its guidance for the next couple of years despite its results failing to meet market expectations. Results for the bank, which has been subject to takeover speculation in recent months, were much weaker than expected. Profit in the final quarter of 2022 was significantly below [...]
Barclays shares slump to bottom of FTSE 100 as investors take fright at profit drop

February 15, 2023

Barclays shares tanked nearly eight per cent today, sending them to the bottom London’s FTSE 100 index, driven by investors fretting over the bank announcing today weaker than expected profits. The firm’s profit in the three months to December last year fell eight per cent to £1.3bn despite a £800m revenue bump, taking the lender’s [...]
Hunt urged to transform ringfencing regime which puts UK at ‘disadvantage internationally’

February 15, 2023

Chancellor Jeremy Hunt has been urged to reform the ringfencing regime “as quickly as possible” as UK Finance submitted proposals ahead of the Spring budget. In a list of proposals submitted today, UK Finance, the industry body, said “the current ringfencing regime puts the UK at a disadvantage internationally, as well as trapping liquidity and [...]
Barclays cuts bonus pool as profits tumble eight per cent on £500m provisions for loan defaults

February 15, 2023

Barclays performed worse than expected in the final quarter of 2022, as higher expenses and an increase in bad loan provisions weighed on performance, leading to a £200m bonus cut for top staff. Profit fell in the quarter after the bank set aside £498m in impairment costs in case of bad loans, compared to a [...]

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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