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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Leap in business insolvencies as ‘tough start’ to 2023 leads to 52 per cent surge in compulsory liquidations

February 14, 2023

Corporate insolvencies rose seven per cent year-on-year in January 2023 with the number of compulsory liquidations up over 50 per cent, according to figures released today. The Insolvency Service said 1,671 companies went insolvent in January 2023, a seven per cent rise on the same month the previous year and 11 per cent when compared [...]
Britcoin needs to prove it can secure adoption and not spy on our consumers, experts warn

February 13, 2023

The digital pound faces a range of challenges before it could be adopted in the UK, experts told City AM, as industry figures continue to grapple with the announcement that a central bank digital currency (CBDC) is “likely to be needed” in the future. The risks a so-called Britcoin poses to financial stability and the [...]
Citi eyes £6.6bn sale of Mexican bank Banamex as it retreats from international markets

February 13, 2023

Citigroup is nearing the sale of its Mexican retail bank Banamex in a deal that would be worth $8bn (£6.6bn), the Financial Times reported, despite government interference scaring off potential bidders. According to three people familiar with the matter, the owner of Mexico’s largest mining company, Germán Larrea, is in exclusive talks to purchase Banamex. [...]
Goldman Sachs boss admits job cull should have been made sooner when ‘slowdown’ was apparent

February 13, 2023

David Solomon told a gathering of Goldman Sachs executives that he should have cut jobs and slowed the investment bank’s hiring of new staff earlier in 2022 . Solomon was reported by the Financial Times as telling colleagues he had been too slow to reduce Goldman’s headcount. “As the environment was growing more complicated in [...]
MJ Hudson: EY quits as auditor after it ‘lost trust and confidence’ in firm’s management

February 13, 2023

EY has resigned as MJ Hudson’s auditor after losing trust in the company’s ability to “provide us with accurate and reliable information for audit”. The embattled asset manager received the news in a letter from the Big Four accountancy firm this morning in which EY said it would be resigning with immediate effect. In it’s [...]
UK banks set to report record profits of £37bn beating pre-financial crisis highs

February 13, 2023

The UK’s top banks are set to unveil record profits in the next two weeks after sharp interest rate hikes boosted the lenders’ coffers last year. The big five FTSE 100 banks – Barclays, HSBC, Lloyds, NatWest and Standard Chartered – could post cumulative pre-tax profits of £37.4bn as they reveal their earnings for 2022, [...]
Credit Suisse claims it has turned a corner but investors are unconvinced

February 9, 2023

Credit Suisse said today that it has turned a corner after a “horrific” 2022, but investors were less convinced as its share price dropped by nearly 13 per cent in afternoon trading. The sick man of European banking posted a CHF1.4bn (£1.3bn) quarterly loss today, bringing its total loss for the full year to CHF7.3bn. [...]
Standard Chartered shares jump as investors swoop on renewed reports of possible £28.8bn First Abu Dhabi deal

February 9, 2023

Shares in Standard Chartered jumped around 10 per cent following reports from Bloomberg that First Abu Dhabi Bank was still interested in making an offer for the London-headquartered lender. According to Bloomberg, figures at First Abu Dhabi Bank were working on a possible takeover “under the code name Silver-Foxtrot” once the cooling-off period required by [...]
Credit Suisse: Beleaguered lender posts £6.6bn loss for 2022 as it undergoes ‘radical’ restructuring to create ‘new’ bank

February 9, 2023

Credit Suisse slumped to a mammoth CHF7.3bn (£6.6bn) loss in 2022 as it posted yet another eye watering quarterly loss in the fourth quarter. Revenue at the bank fell 33 per cent compared to the same period last year while its loss between October and December was CHF1.4bn. The embattled Swiss lender had a “horrifying” [...]
HSBC complicit in suppressing human rights in Hong Kong, MPs allege

February 8, 2023

MPs have accused HSBC and other British banks of tacitly endorsing the suppression of human rights in Hong Kong. “British banks such as HSBC Bank Plc have been complicit in suppressing the human rights of Hongkongers, by proactively supporting the National Security Law,” the Hong Kong All-Party Parliamentary Group said in a report published today. [...]

Vistry: Housebuilder boss quits as output falls

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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