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.

All 619 Articles

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 [...]
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. [...]

Burnham calls for UK to abandon ‘40 years of neoliberalism’

Matchroom could move into booming rugby in a big way, says Hearn

London Sports Festival Serves Up Pickleball in New Street Square

By: Chris Dorrell

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