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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Morses Club: Doorstep lender seeks London delisting in bid to secure survival as shares plummet 70 per cent

January 12, 2023

Morses Club will seek shareholder approval to delist from AIM as it battles with continuing financial uncertainty deriving from customer complaints about unaffordable lending . The provider of non-standard credit said that trading on AIM did not provide the company with access to capital in the medium to longer term nor provide “significant liquidity to [...]
Blackrock poised to cut 500 jobs as the world’s biggest money manager hit by downturn

January 12, 2023

Blackrock is planning to lay off 500 staff globally, according to reports, as the world’s largest asset manager continues to grapple with 2022’s market sell-off. The planned redundancies, first reported by Reuters and Insider, represent a roughly 2.5 per cent reduction in Blackrock’s global workforce. They were communicated to employees in an internal memo from [...]
FCA says more than 750,000 at risk of mortgage default as interest rates rise

January 11, 2023

The Financial Conduct Authority (FCA) has warned that more than 750,000 people are at risk of defaulting on their mortgage in the next two years. In a letter sent to the Treasury Select Committee on December 14, the regulator said that at the end of June 2022, there were nearly 200,000 regulated mortgages in payment [...]
Number of cash withdrawals in the UK rises for first time in 13 years

January 11, 2023

Cash usage increased for the first time in 13 years in 2022, according to fresh data from Nationwide, as Brits responded to the cost-of-living crisis by budgeting with physical money. “For the first time in years we are seeing a natural rise in cash withdrawals as people return to using cash to help avoid getting [...]
City watchdog slaps Al Rayan Bank with £4m fine for ‘egregious’ anti-money laundering failures

January 11, 2023

The Financial Conduct Authority issued a £4m fine to Al Rayan Bank on Wednesday for “egregious” failures in its anti-money laundering rules. The FCA said that between April 2015 and November 2017, Al Rayan allowed money to pass through the bank and be used within the UK “without carrying out appropriate checks.” Al Rayan is [...]
How recession in the US is expected to affect bank earnings this week

January 11, 2023

US earnings season kicks off later this week with a string of results from some of the country’s largest banks. JP Morgan, Citi Group, Wells Fargo and Bank of America will all release results on Friday in an interesting environment – to say the least. While higher interest rates have led to record levels of [...]
Standard Chartered mulls sale of £3bn aviation arm days after First Abu Dhabi Bank drops takeover bid

January 11, 2023

Standard Chartered is considering selling its £3bn aviation finance business, the bank said today. Standard Chartered’s aviation business, which is based in Ireland, accounts for around two per cent of its total income. The business owns and manages over 120 aircraft, leasing them to over 30 of airlines around the world, according to Airfinance Journal’s [...]
Cash-strapped Credit Suisse considers halving its bonus pool following £1.7bn loss

January 11, 2023

Credit Suisse is considering cutting its bonus pool by 50 per cent as the embattled investment bank seeks to cut costs, Bloomberg has reported. The Swiss asset manager faced a challenging 2022 when its share price sunk 67 per cent. In the nine months to September 2022, Credit Suisse swung to a pretax loss of [...]
City banks’ risk management systems criticised by Bank of England

January 10, 2023

The Prudential Regulation Authority (PRA) today criticised City banks’ approach to risk management despite “regular messaging” on the issue. In a letter sent to bank executives in the City, the Bank of England’s regulatory arm set out its priorities for the New Year. Top of the list for regulators was financial resilience, in particular “deficiencies [...]
City minister says UK crypto regulations unlikely to be ready in 2023

January 10, 2023

City minister Andrew Griffith said regulations for digital currencies are unlikely to be ready in 2023, as he reaffirmed the government’s aim to be “the home of well-regulated [and] technologically-advanced financial systems”. In a wide-ranging Treasury committee hearing today, Griffith was quizzed by MPs on the risks facing the crypto industry and the potential for [...]

Starmer future speculation sparks sell-off in long-dated bonds and pound

Great Britain bid to bag $2m at Davis Cup continues

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

By: Chris Dorrell

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