JP Morgan profits jump as bank benefits from rising rates – but boss Jamie Dimon warns of ‘salient risk’ July 14, 2023 JP Morgan beat expectations again as it reaped the rewards of rising interest rates and its takeover of First Republic, but the bank boosted loss provisions significantly. In the second quarter, the Wall Street giant recorded net income of $14.5bn, 67 per cent higher than last year and ahead of analyst expectations. Its shares were [...]
Small ‘c’ conservatism won’t work for the City anymore July 14, 2023 At Mansion House earlier this week, Jeremy Hunt signalled the era of small ‘c’ conservatism is over and the government will get out of the back seat in the City, is over, writes Dom Hallas. If the government really wants a second Big Bang, this was a pretty good start. The commitment of pension funds [...]
Regenerate, not degenerate – blockchain’s central role in sustainable finance July 13, 2023 For those hard at work building in the crypto and blockchain sector, a more sustainable future beckons, says Nick Jones of Zumo.
The Square Mile and Me: Paragon Bank CEO Nigel Terrington talks paper rounds, The Lamb and office faux pas July 13, 2023 We dig into the memory bank of the City’s great and good: this week, Nigel Terrington, chief executive of Paragon Bank, takes a stroll down memory lane. What was your first job? I was a paper boy, aged around 14, in Surrey. I had to get up ridiculously early and the biggest challenge was to [...]
Bosch partners with Nikola Motors in £2.1bn hydrogen deal July 13, 2023 Bosch has unveiled a major new push towards hydrogen technology, unveiling an investment of €2.5 billion (£2.1bn) and a partnership with US electric truck firm Nikola. The technology giant is aiming to generate €5 billion (£4.2bn) in sales of hydrogen technology by 2030, with today marking the start of production of fuel-cell modules – which [...]
Global Airlines to focus on business travel as it muscles in on UK-US route July 13, 2023 A new airline has said it will focus on business travel, offering more perks and products, as it looks to muscle in on the transatlantic travel market. “As far as I see it I don’t think that anyone’s really offering the complete package to a corporate traveller, who would be going across the pond,” James [...]
Mark Kleinman: What’s next for BT and the City’s ugliest row of 2023 July 13, 2023 Mark Kleinman, City editor of Sky News, writes fortnightly for City A.M. Germans could be on the line at Jansen-less BT Hanging-up time is fast-approaching for Philip Jansen, whose plan to step down as CEO of BT Group next year – revealed by me last weekend – was confirmed on Monday. Sources have told me [...]
JP Morgan hires 20 new bankers to expand push into startup sector post-SVB collapse July 12, 2023 JP Morgan has bolstered its ranks with a series of hires as it attempts to expand its offering to start-ups and high growth companies following the collapse of Silicon Valley Bank (SVB). The Wall Street giant has hired almost 20 new bankers to support fast growing businesses in Europe, the Middle East and Asia, including [...]
Nearly one million UK homeowners to have £500 a month eaten up by higher mortgage payments July 12, 2023 UK homeowners are poised to hand over a bigger chunk of their income to their lenders every month after they roll on to a new mortgage with a much higher interest rate, the Bank of England has warned today. By the end of 2026, around 1m families will be paying an at least additional £500 [...]
Corporate debt swells to record £6tn as interest rates begin to cool borrowing appetite July 12, 2023 The debt pile sitting under global corporates has swelled to record levels in the past year despite rate hikes beginning to cool firms’ appetite for borrowing, new research has revealed.