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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‘We’re all terrified of being accused of greenwashing’, Standard Chartered boss tells Davos

January 19, 2023

Standard Chartered CEO Bill Winters demanded clear rules on climate financing at a Davos meeting as potential lenders are “terrified of being accused of greenwashing”. Winters agreed with panellists that there needed to be much more action on financing climate change initiatives. However, he warned there needed to be standards on “what’s a good project [...]
Boohoo shares slide after PrettyLittleThing owner admits consumer squeeze has hit profits

January 19, 2023

Online fashion retailer Boohoo expects full year revenue to be below market expectations as it continues to suffer from the squeeze on consumer spending. The company anticipates revenue will fall by 12 per cent over the financial year ending 28 February, after it reported a fall in revenue in a trading update released this morning. [...]
Davos round-up: Goldman’s consumer banking headache, Big Tech layoffs and Germany’s green drive

January 18, 2023

As some of the world’s most important CEOs, politicians and thinkers gather at the World Economic Forum in Davos to discuss an array of economic, political and social challenges, City A.M. wraps up some of the top lines from the day. Goldman Sachs’ consumer banking headache Goldman Sachs’ foray into consumer banking has not gone [...]
Credit Suisse to offer senior bankers cash bonus upfront to ‘reward loyalty’ and stem talent outflow

January 18, 2023

Credit Suisse is considering offering its senior executives upfront bonuses as it seeks to incentivise its top performing staff to stay at the bank. An internal memo seen by City A.M. said that managing directors and directors “in most locations” will be awarded the cash component of their variable compensation upfront. The memo said upfront [...]
Davos: Top central bankers agree on need to regulate ‘crazy’ crypto markets

January 18, 2023

Some of the world’s top central bankers today emphasized the need for introducing basic regulations for cryptocurrencies, but they remained equally wary that new rules could lend legitimacy to an industry that has been very unstable over the past year. The central bank chiefs agreed on the need for a basic level of crypto regulation, [...]
Shadow banks: UBS chair tells Davos how regulators have ‘taken their eye off the ball’

January 18, 2023

Colm Kelleher, chair of banking giant UBS, has warned of the need for regulators to spend more time policing so-called shadow banks, or non banks. He made the stark warning during a panel discussion on the risks facing the financial system at the World Economic Forum in Davos. He said regulators had “taken their eye [...]
Davos round-up: Citi’s lazy homeworkers, Credit Suisse’s ‘horrifying year’ and ESG investing gets political

January 17, 2023

As some of the world’s most important bankers gather at the World Economic Forum in Davos to discuss an array of economic, political and social challenges, City A.M. wraps up some of the top lines from the day. Credit Suisse’s “horrifying year” Credit Suisse’s own chair, Axel Lehmann, described 2022 as “a horrifying year for [...]
Corporate insolvencies surge as firms struggle to survive harsh economic climate

January 17, 2023

The number of company insolvencies in December 2022 was 76 per cent higher than before the Covid-19 pandemic, new data from the ONS revealed on Tuesday. There were 1,964 company insolvencies in December 2022, 32 per cent higher than the previous year and 76 per cent higher than the 1,119 registered in December 2019. Fladgate’s [...]
Morgan Stanley profits nearly halve as US bank earnings season ends without cooling recession fears

January 17, 2023

Wall Street banking giant Morgan Stanley’s profits have nearly halved due to intense US recession fears and rising interest rates chilling deal making activity, the firm announced today. The lender has become the latest casualty of businesses and investors parking their money in safer places to ride out the worldwide economic slowdown. Morgan Stanley’s profits [...]
Goldman Sachs income slides by £2bn with investment banking bearing brunt of a drop in dealmaking

January 17, 2023

Goldman Sachs underperformed analyst estimates as a near halving in investment banking revenue and an expansion in loss provisions led to a steep drop in income. Profit dropped to 44% in the quarter ending 31 December 2022 compared to the same period last year. Goldman’s earnings per share slumped to $3.32, down from $10.81 last [...]

City commuter fury as Chancery Lane closed one in six mornings

Why Champions League revamp is a case of Uefa 1, Domestic competitions 0

Arcadia at the Old Vic is a brilliant farewell to Tom Stoppard

By: Chris Dorrell

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