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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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, [...]
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 [...]

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By: Chris Dorrell

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