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For an update on Chase’s problems on Wednesday morning, please click here.
Chase’s online customers were unable to conduct business on the Web site of Chicago’s biggest bank into Tuesday evening, the down time having stretched on for more than a day.
“It’s an eternity in the online world,” said Jacob Jegher, a senior analyst with Celent, a Boston-based financial services research and consulting firm. Get the full story »
New capital rules are expected to increase bank loan prices for customers and may drive some to seek financing from non-bank financial institutions, JPMorgan Chase Chief Executive Jamie Dimon said in an investor presentation Tuesday. Get the full story »
From Crain’s Chicago Business | BankFinancial is buying the parent of Downers Grove National for $2 million in cash without FDIC help. That is the first such unassisted transaction to take place in the Chicago area since the recession began.
A local bank headquarters and branch has been shut down due to mold.
Foster Bank at 5225 N. Kedzie Ave. was closed Friday and will likely remain shuttered for about two months while mold is eradicated, a bank spokesman confirmed Monday. Get the full story »
The building of the Bank for International Settlements, BIS, in Basel, Switzerland. (AP/Georgios Kefalas)
Bankers and analysts said new global rules could mean less money available to lend to businesses and consumers, but praised a decision to give them plenty of time — until 2019 — before the so-called Basel III requirements come into full force.
The rules, which will gradually require banks to hold greater capital buffers to absorb potential losses, are likely to affect the credit industry by imposing stricter discipline on credit cards, mortgages and other loans. Get the full story »
A leading U.S. banking group is urging Basel Committee negotiators working on new international capital standards to ditch part of their proposal. Get the full story »
Chip Reeves, president of Fifth Third Bank’s operations in Chicago since 2008, is heading back to Ohio.
The 20-year Fifth Third veteran has accepted a new position within the Bancorp Special Assets Group effective Oct. 1. SAG is a high-end securities division of the bank.
A search is underway for a new Illinois-area president Get the full story »
Some say the wave of bank consolidation seen in the last two decades is over, but an outspoken analyst who developed a formula for identifying banks that could be takeover targets on Thursday listed 17 he says are ripe, including Chicago-based MB Financial. Get the full story »
The Chicago City Council gave final approval on Wednesday to $1 billion of revenue bonds to continue expanding O’Hare International Airport.
But the two major carriers at the airport are not saying if they plan on fighting the debt sale.
A spokesman for American Airlines said there was “no comment at this time.” Get the full story »
A shareholder of Northern Trust Corp. on Tuesday sued the Chicago-based financial services firm, claiming, among other things, that the company’s executives made “improper statements” so they could pump up the stock price and later sell $100 million of their own stock.
HSBC Holdings Chairman Stephen K. Green will leave the bank to become Britain’s minister of state for trade and investment, the company said Tuesday.
Green will retire from the bank by the end of the year – HSBC did not announced a specific date — and take up his new post in 2011. Get the full story »
Two regional Federal Reserve banks, Kansas City and Dallas, pushed again for a modest increase in the rate charged to banks for emergency loans, according to minutes from an August policy meeting released Tuesday.
The Fed — the U.S. central bank — kept the discount rate unchanged at 0.75 percent at its Aug. 10 meeting. The Dallas and Kansas City Fed boards requested an increase to 1 percent, while the other 10 regional Fed banks sought no change. Get the full story »
Wells Fargo & Co. has only eight retail branches in the Chicago area, but the San Francisco-based megabank has big growth plans for its local commercial and private banking arms.
It’s also looking for more space in the Loop area.
It has about 50 commercial bankers in the Chicago area, but plans to beef up that staffing by about 50 percent in the next year. Its local business customers include Freedman Seating, which serves the public transit industry and employs about 500, and Stoller Wholesale, a family-run wine and spirits distributor. Get the full story »
It appears that consumers have had enough with the low interest rates paid by banks. Bank deposits are shrinking for the first time in two decades, a new analysis shows. Get the full story »
Goldman Sachs Group Inc. is closing its principal strategies desk as it works to comply with new U.S. rules on proprietary trading, Bloomberg News reported Friday.
The report, citing two people with knowledge of the decision, said Goldman would delay announcing the move as 65 to 70 members of the unit sought new jobs. Some traders and support staff could be reassigned in the firm, and a team in Asia could look to start a new hedge fund, it said. Get the full story »
