Samuel Norman

senior reporter @cityam 📧[email protected] / yorkshireman in london / @the_jdf alum

[City A.M. @CityAM]

Why the City can’t stop talking about OSB   https://t.co/rp2t8bP5cx

[Samuel Norman @samnormanwrites]

https://t.co/sLrgvIDt20

[Samuel Norman @samnormanwrites]

Scoop: Aldermore’s owner is to make a decision over whether to split up the group after attracting bids that excluded its motor finance unit.

Investec is one of the front runners circling the bank but keen to avoid its loss-making car finance lender.

Full story in comments.

[Samuel Norman @samnormanwrites]

One banking source says there’s “disappointment given it doesn’t signify particular support for the sector”.

Though they added some had gone into the day “thinking it could have been worse”.

[Samuel Norman @samnormanwrites]

🥊JP Morgan not pulling punches in its response to today's bank tax hike.

Wall Street's biggest bank says the move "lacks principle" and singles out the sector.

Questions now turn to its plans for a £3bn skyscraper in Canary Wharf.

More here: https://t.co/lURtAG4u7X

[Samuel Norman @samnormanwrites]

🥊JP Morgan not pulling punches in its response to today's bank tax hike.

Wall Street's biggest bank says the move "lacks principle" and singles out the sector.

Questions now turn to its plans for a £3bn skyscraper in Canary Wharf.

More here: https://t.co/lURtAG4u7X

[Samuel Norman @samnormanwrites]

From the OBR report: The tax increase will raise £1.5bn and take receipts in teh 2027-28 year to £2.4bn.

BUT: The watchdog estimates £200m could be driven overseas by the move, and warns the full impact is “uncertain”.

[Samuel Norman @samnormanwrites]

🚨NEW: John Healey has doubled the UK banking surcharge to 6% in one of the biggest cash raisers in his Budget.

It is estimated that each 1% increase on the surcharge raises a further £400m each year. The increase will last 15 months.

Full story: https://t.co/BZ6Lo1Wkit

[Samuel Norman @samnormanwrites]

It's lower than what was previously expected, which is probably why bank stocks are soaring right now.

How the international banks might take it will be another question.

[Samuel Norman @samnormanwrites]

🚨NEW: John Healey has doubled the UK banking surcharge to 6% in one of the biggest cash raisers in his Budget.

It is estimated that each 1% increase on the surcharge raises a further £400m each year. The increase will last 15 months.

Full story: https://t.co/BZ6Lo1Wkit

[Samuel Norman @samnormanwrites]

He said: “I want to say directly to our banks, I celebrate and am grateful for the role you play."

“Amid global economic storms, I am looking to our banks to help fund breathing space for British families.”

[Samuel Norman @samnormanwrites]

@LSEplc it’s not too late to row back 🙏🏻 🙏🏻 🙏🏻

[Samuel Norman @samnormanwrites]

What on earth has the London Stock Exchange done to the RNS.

Absolute horror

[Samuel Norman @samnormanwrites]

NEW: I spent some time chatting with VCs that warn already capital-starved fintechs may feel the worst of bank tax raid.

"Don't kick the sector while it's down," one said citing news that UK fintech investment was at a decade-low.

https://t.co/c9VRasSFkf

[Samuel Norman @samnormanwrites]

Exclusive: Badenoch follows Reeves with a Gutman-hosted summit.

Ample timing for the Tory leader to make her pitch following a Budget that may leave the City feeling bruised.

W/ the main man @MauricioFCA_

[City A.M. @CityAM]

Goldman Sachs to host Badenoch for City charm offensive https://t.co/oNsMuiBIzl

[Maurício Alencar @MauricioFCA_]

Read with @samnormanwrites on City sources reaction to banking tax reports coming from Bangkok

A surprise after Chancellor's 'jewel in the crown' comments

One figure tapping his ears and pretending not to hear noise

[Felix Armstrong @felixKarmstrong]

Excl: The group behind the #asos hack have claimed responsibility for a data breach at Air France-KLM, the airline conglomerate.

Read in @CityAM https://t.co/bkuuVI6EFo

[Samuel Norman @samnormanwrites]

Quite the tone shift in new letters from City chiefs on bank tax.

Clearly industry very worried about prospect of a bank tax after Healey’s nothingburger of a meeting with bosses this week.

https://t.co/TLzpiR7o8l

[Politics UK @PolitlcsUK]

🚨 BREAKING: Andy Burnham is set to signal the end of the state pension triple lock in his conference speech tomorrow

[@Telegraph]

[IT Guy @T3chFalcon]

Revolut recently confirmed a data breach.

Someone sent a fake government request from a legitimate-looking government email domain.

Revolut handed over the data.

what was exposed:
— full names, dates of birth, occupation
— postal addresses, email addresses, phone numbers
— copies of passports and driver's licences
— facial verification selfies taken at account opening
— account statements including IBANs
— full transaction histories. Bitcoin included.

Revolut has 80 million customers across 30 countries. they haven't disclosed how many were affected.

ZachXBT posted the customer notification on Telegram Friday night. his read: targeted at high-net-worth users.

Revolut said in its statement: "the request carried valid domain authentication credentials."

valid domain. real email infrastructure. fake request.

this also happened to Revolut before. in 2022 a phished employee credential exposed 50,000 customers.

this time: passports. selfies. transaction histories.

[Tim Shipman @ShippersUnbound]

When the people slagging off the media for doing their job include Zack Polanski, Jolyon Maugham, Zara Sultana, Jeremy Corbyn, Hacked Off, Labour MPs who want Leveson 2, That Islamist with his lists of erring hacks, Zia Yusuf and Nigel Farage - and those slagged off include the Times, the Telegraph, the Mail and the Guardian - it is possible to conclude that the media is indeed doing its job properly

[Samuel Norman @samnormanwrites]

EXCL: Natwest banked a company allegedly used by the founder of collapsed property lender MFS to divert investors’ cash and “siphon off” funds.

The connection could drag Natwest into the ongoing FCA investigation MFS.

Full story @CityAM ⤵️
https://t.co/yGH4LUBaUX