Financial PROs unruffled by the arrival of CityAM

City PROs have given a lukewarm reaction to the first editions of City AM, the financial freesheet launched this week.

Few financial PROs would openly criticise the paper and were careful to praise its experienced editorial staff, which is led by launch editor and former Sunday Express business editor David Parsley. The team includes former Financial Times media editor Ray Snoddy and ex-Sunday Business deputy editor Richard Northedge.

But financial PROs contacted by PRWeek warned that City AM needed to make its mark if it were to be taken as seriously as the FT, whose City worker readers the freesheet is targeting.

One PRO privately described City AM - whose launch front page on Monday led with the headline 'Liberty in race for Flextech' - as 'a bit weak' because of the way it repackaged the morning's breaking news.

But others were more sanguine about the new financial title. Tulchan Communications founder Andrew Grant said 'it will be interesting to see the reaction to City AM, adding that its team of journalists 'should not be underestimated'.

'If it can save readers time by bringing together the main business stories of the moment then it will "sell",' Merlin managing director David Simonson said.

'But it will need to break big stories of its own to be taken seriously by bankers and brokers,' he added.

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