By: Chris Dorrell

Chris at City AM from 2023-2025, first as banking reporter and then economics reporter. He continues to freelance and plays with his band Totally Amorphous

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Which senior bankers have made the trip to Davos?

January 16, 2023

The world’s rich and powerful return to Davos this week as the world grapples with a challenging set of economic issues. The topic for this year’s meeting – which has returned to its normal January timeslot – is Cooperation in a Fragmented World. The basic tenet guiding the meeting is that “the current crises, [...]
IQE shares slump nearly 20 per cent as it warns of falling semiconductor demand

January 16, 2023

IQE shares dropped nearly 20 per cent today after the semiconductor wafer maker warned that demand is expected to fall in the new year because existing customers have already built up large stocks. In a pre-close trading update, IQE warned that destocking in the industry will “impact upon demand from existing customers” in the new [...]
Barclays’ staff shortages force it to turn away new business

January 16, 2023

Barclays has been turning away companies with more than one director apply for new bank accounts as staff shortages have left the lender unable to complete anything but the most basic background checks. Barclays has struggled to open new business accounts for more than four months, and will probably continue to reject companies with more [...]
Why UK banks are not going to cause another financial crisis

January 15, 2023

UK banks are better prepared to withstand a jump in home loan defaults, cooling fears of a repeat of the financial crisis, analysts have told City A.M. Strict affordability rules implemented after the 2008 banking crash have strengthened lenders’ loan books, meaning they are well insulated from a potential rise in defaults caused by last [...]
Goldman Sachs’ new fintech unit racked up staggering £2.5bn loss since 2020

January 13, 2023

Goldman Sachs’s new fintech unit, Platform Solutions, lost $3bn (£2.5bn) since 2020 according to earnings reports republished by the bank on Friday. Platform Solutions – a new unit housing fintech and many of Goldman’s consumer banking products such as the Apple Card and Greensky – was announced as part of restructuring plans in October. To [...]
Blackrock’s profit and AUM down but world’s largest fund manager reports net inflows of $146bn

January 13, 2023

Blackrock reported an 18 per cent drop in its fourth-quarter profit blaming an ‘operating environment unlike anything we’ve seen in decades’. The world’s largest fund manager still managed to net increase inflows, which totalled $146bn during the three months ending 31 December. Blackrock’s net income income fell 23 per cent to $1.3bn (£1.1bn) from $1.6bn [...]
Bank of America reports one of ‘best years ever’ while income at Wells Fargo and Citi falls

January 13, 2023

Bank of America, Wells Fargo and Citigroup all beat consensus estimates in their quarterly earnings reports, despite substantial falls in income at the latter two. Bank of America had an excellent quarter, making 2022 “one of the best years ever for the bank”. In the fourth quarter Bank of America’s net income increased slightly to [...]
Dimon heralds ‘fortress balance sheet’: JP Morgan revenue up 17 per cent as interest rate boon continues

January 13, 2023

JP Morgan beat expectations in its quarterly results, reporting increases in both income and revenue as higher interest rates continued to benefit the Wall Street giant. In the three months to December 31, JP Morgan reported net income of $11.0bn (£9.0bn), up from $10.4bn in the same period last year. The bank’s earnings per share [...]
Open banking enters ‘new phase’ after CMA rules six major banks fulfil requirements

January 12, 2023

Open banking has entered a “new phase” after the Competition and Markets Authority (CMA) determined that the six largest banks in the UK have implemented the requirements of the open banking roadmap. The open banking trustee advised the CMA on Monday that Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander had implemented the remaining roadmap items. [...]
ECJ confirms HSBC rigged Euribor but bank avoids £30m fine

January 12, 2023

The European Court of Justice confirmed that HSBC rigged the Euribor rate, but confirmed that HSBC would not pay a £30m (€33.6m) fine. In a ruling released today, the ECJ dismissed HSBC’s “action challenging the finding that it participated in the cartel at issue”. The European Commission investigated HSBC, Credit Agricole and JP Morgan and, [...]

Sport business quiz 2025: Test your knowledge with City AM’s topical teasers

Sport business quiz 2025: Test your knowledge with City AM’s topical teasers

Bentley Continental GT review: Luxury coupe with a sporting side

By: Chris Dorrell

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