Recession off the cards, getting over 50s ‘back to work’, strikes and banks take stock – the five best read stories on City A.M. this week March 17, 2023 It was the week UK Chancellor Jeremy Hunt laid out his first Spring Budget, but as pension savers and taxpayers looked on, fears of a recession appeared to fade, although the sagas of banks Silicon Valley Bank, Credit Suisse and on-going strikes raged on; here are the stories readers were flocking to on City A.M. [...]
FTSE 100 close: Credit Suisse share price shoots up 30 per cent as HSBC and Lloyds climb in London March 16, 2023 London’s FTSE 100 today partly clawed back yesterday’s losses that saw it clock its worst day in over a year as the index was ensnared by global markets sweating over the health of the European banking system. The capital’s premier index jumped 0.89 per cent to 7,410.04 points, while the domestically-focused mid-cap FTSE 250 index, [...]
Credit Suisse shares rebound following £44bn support from Swiss central bank as top shareholder slams ‘unwarranted’ sell off March 16, 2023 Credit Suisse’s shares rebounded over 20 per cent on Thursday morning as markets reacted positively to the embattled lender’s announcement that it will tap a CHF50bn (£44bn) liquidity line from the Swiss Central Bank. Credit Suisse’s shares jumped over 22 per cent in morning trading. The cost of insuring company bonds against default also dropped [...]
The Square Mile and Me: James Ashton on Occupy London, the City’s history, and Balfour’s oysters March 16, 2023 Each week we ask the City’s great and good to delve down memory lane. This week, it’s James Ashton, the chief executive of the Quoted Companies Alliance, representing small- and mid-cap listed firms, and a former newspaper journalist What was your first job in the City? I wrote about advertising and media for Reuters, based [...]
Chat GPT and Bing AI chatbots to be used as panellists in world-first at fintech conference March 15, 2023 Artificial intelligence chatbots will be used as panellists for the first time as part of a conference hosted by the Gillmore Centre for Financial Technology this week.
Freefall: Credit Suisse potentially ‘next shoe to fall’ as bank contagion fears spread across Europe March 15, 2023 Shares in Credit Suisse tanked today after one of its main shareholders ruled out providing new funding to the embattled lender prompting a major sell-off in the wider European banking sector. Credit Suisse shares traded as much as 30 per cent down earlier on Wednesday, and are now trading around 23 per cent lower. Banking [...]
FTSE 100 close: Global banking rout weighs on index as budget does little to lift sentiment March 15, 2023 London’s FTSE 100 slumped this afternoon as the banking sector faced a major sell-off following concerns over the future of Credit Suisse. The capital’s premier index closed 3.83 per cent lower at 7,344.45 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, shed 2.63 per [...]
Banking sell-off slows in Europe after SVB collapse as US lenders set for recovery March 14, 2023 The banking sell-off eased in Europe today while US regional banks are poised to rebound as investors continue to digest the implications of Silicon Valley Bank’s collapse. Fears of contagion sparked a brutal sell-off in Europe yesterday with the European Stoxx bank index falling 6.7 per cent. But Europe’s lenders have had a calmer day [...]
“Project Yeti”: Inside the scramble to save Silicon Valley Bank UK March 13, 2023 “It’s going down to the wire.” That was the view of Coadec CEO Dom Hallas at 11pm on Sunday evening after hours of meetings had failed to produce a deal on the future of Silicon Valley Bank – with the tech industry warning it would be an existential threat to thousands of firms across the [...]
Silicon Valley Bank triggers rout as HSBC, Lloyds and Natwest shares tumble March 13, 2023 Bank stocks slumped on both sides of the Atlantic today as the fall out of the Silicon Valley Bank crisis spooked investors. The sector has been plunged into turmoil since Friday as the full scale of the troubles at the start-up and venture capital focused lender became clear. American bank First Republic was among the [...]