By: Samuel Norman

Senior City Reporter Samuel is a Senior City Reporter covering banking and fintech as well as stories on capital markets and economics. He also leads on City AM's morning liveblog from 7am everyday. He has previously written for the Daily Mail and The i Paper and worked for Sky News as an election stringer. He enjoys writing in-depth analysis of major blue-chip firms and start-ups and also industry trends. He can be contacted at samuel.norman@cityam.com and posts on LinkedIn and X at x.com/samnormanwrites.

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Lloyds sets aside over £1.1bn for motor finance claims

February 20, 2025

Lloyds bank announced on Thursday morning that it had set aside an additional £700m in provisions for potential motor finance payouts, on top of the £450m recorded last year. It has become the latest major lender to increase provisions in what’s becoming an increasingly expensive scandal for the UK’s financial sector. Lloyds has announced the [...]
Lloyds shares jump despite profit slump

February 20, 2025

Lloyds Banking Group’s shares jumped three per cent following market open, despite recording a profit hit after the firm set aside additional funds for potential motor finance payouts. The FTSE 100 lender’s pre-tax profit was down 20 per cent at £6bn, compared to £7.5bn in 2023. Analysts estimated the bank’s profit before tax at £6.5bn, [...]
UK banks differ from US on AI strategy

February 20, 2025

Banks in the UK are more likely to focus artificial intelligence (AI) strategy on improving customer experience compared to their US rivals, a new report has revealed. NTT Data’s ‘Intelligent Banking in the Age of AI’ found 52 per cent of UK banks were using AI to enhance customer services, rather than cut jobs. This [...]
Reeves told to improve investment incentives by industry bosses

February 19, 2025

Rachel Reeves has been told by top global financial firms she needs to ease investment taxes, sources told Reuters. In a meeting with executives from JPMorgan, BlackRock, Goldman Sachs, Morgan Stanley, Citi, Fidelity, Schroders and abrdn on Wednesday, Reeves was told to improve tax incentives for UK consumers. The latest summit in Reeves’ bid for [...]
HSBC job cuts and bonuses expected on Friday

February 19, 2025

HSBC is set to axe a number of investment bankers this Friday whilst rewarding some with bonuses, sources told City AM. Amidst the FTSE 100 giant’s restructure, employees are expecting updates this week on their role’s future with many now looking to Friday – the same day pencilled in for bonuses. According to sources close [...]
HSBC pushes net-zero target back 20 years

February 19, 2025

HSBC has put a 20-year delay on its climate target which aims to reduce emissions across the bank’s operations. Announcing its annual results Wednesday morning, the FTSE 100 giant’s new boss Georges Elhedery confirmed a delay on its net zero policy. The Big Four bank had announced plans in 2020 to achieve net zero across [...]
HSBC shares dip after profit beats expectations

February 19, 2025

HSBC surpassed analyst profit expectations in its annual results as its new boss reiterated its focus on slashing costs. The FTSE 100 lender published its first set of results with Georges Elhedery at the helm this morning, covering the fourth quarter and full-year 2024. Shares in the banking giant rose one per cent following market open, [...]
Reeves calls in top investment bankers for growth talks

February 18, 2025

Rachel Reeves’ mission for growth continues with a fresh round of talks with top investment bankers and asset managers this week. Executives from Abrdn, BlackRock, Citi, Goldman Sachs, JP Morgan, Morgan Stanley and Schroders are set to meet with the Chancellor on Wednesday morning, according to Sky News’ Mark Kleinman. This marks the latest in [...]
Total value of luxury watches stolen tops £1.6bn

February 18, 2025

Criminal gangs are “entrenched” in the theft of luxury watches, a chairman of a watch recovery database has warned after registered losses surged. The Watch Register, the world’s largest international database of lost and stolen watches, had over £150m worth of luxury watches reported as lost or stolen last year. Brits made up £60m of [...]
HSBC shares hit 20-year high ahead of results

February 18, 2025

HSBC’s share price rallied to a 20-year record on Tuesday morning, hitting pre-financial crisis highs. The FTSE 100 lender is due to post its annual results tomorrow morning, which will mark its first set of results with Georges Elhedery at the helm. The bank’s stock jumped to 894.70 following the market opening, marking its highest [...]

Reform UK vows to raise VAT threshold to £150,000

Everton ‘surprised and angered’ at losing £40m legal case with Burnley

Vino by the waves: The best British seaside hotels for wine

By: Samuel Norman

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