By: Chris Dorrell

Economics Reporter Chris has been at City AM since January 2023, first as banking reporter and then economics reporter. He covers all things inflation, interest rates and Bank of England.

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Davos: Top central bankers agree on need to regulate ‘crazy’ crypto markets

January 18, 2023

Some of the world’s top central bankers today emphasized the need for introducing basic regulations for cryptocurrencies, but they remained equally wary that new rules could lend legitimacy to an industry that has been very unstable over the past year. The central bank chiefs agreed on the need for a basic level of crypto regulation, [...]
Shadow banks: UBS chair tells Davos how regulators have ‘taken their eye off the ball’

January 18, 2023

Colm Kelleher, chair of banking giant UBS, has warned of the need for regulators to spend more time policing so-called shadow banks, or non banks. He made the stark warning during a panel discussion on the risks facing the financial system at the World Economic Forum in Davos. He said regulators had “taken their eye [...]
Davos round-up: Citi’s lazy homeworkers, Credit Suisse’s ‘horrifying year’ and ESG investing gets political

January 17, 2023

As some of the world’s most important bankers gather at the World Economic Forum in Davos to discuss an array of economic, political and social challenges, City A.M. wraps up some of the top lines from the day. Credit Suisse’s “horrifying year” Credit Suisse’s own chair, Axel Lehmann, described 2022 as “a horrifying year for [...]
Corporate insolvencies surge as firms struggle to survive harsh economic climate

January 17, 2023

The number of company insolvencies in December 2022 was 76 per cent higher than before the Covid-19 pandemic, new data from the ONS revealed on Tuesday. There were 1,964 company insolvencies in December 2022, 32 per cent higher than the previous year and 76 per cent higher than the 1,119 registered in December 2019. Fladgate’s [...]
Morgan Stanley profits nearly halve as US bank earnings season ends without cooling recession fears

January 17, 2023

Wall Street banking giant Morgan Stanley’s profits have nearly halved due to intense US recession fears and rising interest rates chilling deal making activity, the firm announced today. The lender has become the latest casualty of businesses and investors parking their money in safer places to ride out the worldwide economic slowdown. Morgan Stanley’s profits [...]
Goldman Sachs income slides by £2bn with investment banking bearing brunt of a drop in dealmaking

January 17, 2023

Goldman Sachs underperformed analyst estimates as a near halving in investment banking revenue and an expansion in loss provisions led to a steep drop in income. Profit dropped to 44% in the quarter ending 31 December 2022 compared to the same period last year. Goldman’s earnings per share slumped to $3.32, down from $10.81 last [...]
Which senior bankers have made the trip to Davos?

January 16, 2023

The world’s rich and powerful return to Davos this week as the world grapples with a challenging set of economic issues. The topic for this year’s meeting – which has returned to its normal January timeslot – is Cooperation in a Fragmented World. The basic tenet guiding the meeting is that “the current crises, [...]
IQE shares slump nearly 20 per cent as it warns of falling semiconductor demand

January 16, 2023

IQE shares dropped nearly 20 per cent today after the semiconductor wafer maker warned that demand is expected to fall in the new year because existing customers have already built up large stocks. In a pre-close trading update, IQE warned that destocking in the industry will “impact upon demand from existing customers” in the new [...]
Barclays’ staff shortages force it to turn away new business

January 16, 2023

Barclays has been turning away companies with more than one director apply for new bank accounts as staff shortages have left the lender unable to complete anything but the most basic background checks. Barclays has struggled to open new business accounts for more than four months, and will probably continue to reject companies with more [...]
Why UK banks are not going to cause another financial crisis

January 15, 2023

UK banks are better prepared to withstand a jump in home loan defaults, cooling fears of a repeat of the financial crisis, analysts have told City A.M. Strict affordability rules implemented after the 2008 banking crash have strengthened lenders’ loan books, meaning they are well insulated from a potential rise in defaults caused by last [...]

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Premiership run-in: Saints and Bath will impact top four

Here We Are, National Theatre, review: Stephen Sondheim musical is more Severance than sing-a-long

By: Chris Dorrell

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