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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Record profits place TSB on course for £50m dividend but impairment charges rise on recession fears

January 26, 2023

TSB Bank proposed a £50m payout to its parent company in the first quarter of 2023 as its yearly pretax profit increased to a record level. Pretax profit in the 2022 financial year rose to £183.5m from £157.5m in 2021, reflecting lending growth, higher interest rates and higher deposit margins. This figure includes the costs [...]
Diageo shares fall despite strength in premium drinks sales as US market disappoints

January 26, 2023

Diageo reported an increase in profit and beat analyst expectations for sales growth but investors were disappointed by the company’s performance in the US market, sending shares down over six per cent in morning trade. In the six months to 31 December, the world’s largest spirits manufacturer’s pretax profit increased to £3.1bn from £2.7bn On [...]
FCA’s new sustainability rules to establish UK as world leader on anti-greenwashing

January 25, 2023

Industry figures today claimed the UK was set to become a global leader in the fight against so-called greenwashing after the conclusion of a consultation by the financial regulator. The new rules aim to clamp down on greenwashing, when firms make exaggerated or misleading claims about the environmental credentials of their investment products. The Financial [...]
Quilter’s assets under management falls by more than £10bn but signs of hope remain

January 25, 2023

Quilter’s assets under management and administration (AuMA) fell by more than £10bn in 2022 as the asset management industry continues to grapple with instability in the global economy. In 2022 the wealth manager saw AuMA fall to £99.6bn from £111.8bn the year before. Average AuMA for the fourth quarter of 2022 was £98.8bn, below the [...]
Barclays promotes Wright and brings in ex- Credit Suisse dealmaker Deasy to co-head its investment banking division

January 25, 2023

Barclays has appointed Taylor Wright and Cathal Deasy as new co-heads of investment banking yesterday. Wright and Deasy will jointly manage the business and will be tasked with “deepening client relationships and dealmaking efforts around the world”. They will replace John Miller and Jean-Francois Astier and report to Paul Compton, global head of Barclays’ corporate [...]
FCA calls out consumer duty laggards as deadline for new rules approaches

January 25, 2023

The Financial Conduct Authority (FCA) has said that many financial firms still had a long way to go on implementing its incoming Consumer Duty, as it issued its review of the implementation of the scheme. While regulator found that many firms had “understood and embraced the shift to focus on consumer outcomes”, it noted that [...]
House of Lords calls for new body to oversee City regulators

January 24, 2023

A member of the House of Lords has tabled amendment to the Financial Services and Markets Bill calling for a new body to be established to oversee the City’s regulators, potentially reigniting debates about the so-called call-in power. An amendment tabled by Lord Bridges called for the creation of an Office for Financial Regulatory Accountability, [...]
Mark Carney’s net zero group disputes data showing only 7 per cent of banks’ energy financing goes to renewables

January 24, 2023

Only seven per cent of global banks’ energy financing between 2016 and 2022 went towards renewable energy projects, according to new data, although Mark Carney’s net zero financial coalition has disputed the claim. A report by a group of campaign groups, including BankTrack and Rainforest Action Network, indicates “major failings” by financial institutions to help [...]
Veganuary: New £240m fake meat fund looks to disrupt and decarbonise the food industry

January 23, 2023

Milltrust Ventures and Earth First Food Ventures are set to launch a new $300m (£242m) Smart Protein Fund tomorrow to back alternative proteins and decarbonise the food industry, City A.M. can reveal. Over $600m was invested in total in the cultivated meat sector last year, and the alternative protein market, which includes imitation meats [...]
Banks called on to extend pandemic era support to vulnerable customers as cost of living pressures mount

January 22, 2023

British banks are being called on to extend support offered to customers during the pandemic as the cost of living crisis increasingly affects vulnerable customers. A new report from Fair4All Finance – a government-backed financial inclusion body – found that “unprecedented” support from banks significantly helped customers during Covid-19 with “no detrimental impact on bottom [...]

OpenAI rewrites Pentagon AI deal following backlash

English cricket facing tragedy if ECB doesn’t change, warns county boss

Psst… This is how to ski Les 3 Vallées without the crowds

By: Chris Dorrell

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