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CME Group Inc. told the Commodity Futures Trading Commission that CME’s ban on a type of trade that would help rival ELX Futures LP easily capture business from CME is not anti-competitive.
In a 70-page letter posted on the regulator’s website on Friday, CME asked the CFTC to reconsider its endorsement of so-called exchange for futures trades, or EFFs, repeating its view that there is no compelling reason for it to allow them. Get the full story »
JPMorgan Chase’s online banking system appeared to be up and running Thursday morning after a Monday night crash left customers with spotty or no Web access to their accounts for three days.
Chase said its online banking service is operating well today.
“By 5 or 6 o’clock yesterday, things were moving quickly again,” said Chase spokesman Tom Kelly. Get the full story »
A screenshot of the error message on Chase.com at 10:38 a.m. CST. (Tribune)
Chase said it continues to work on its spotty-at-best online banking service and said it will refund any fees incurred by customers unable to make online payments during the outage.
Chase’s online banking Web site was back in service early Wednesday morning after being down for more than a day, but many customers have reported that they are unable to log in after entering their user name and password.
Around 10:30 CST, the site displayed an error message saying it was “temporarily unavailable,” though a few minutes later, it appeared to be back up again. Get the full story »
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 »
The unsecured creditor’s committee in Tribune Co.’s bankruptcy case asked a Delaware judge Monday for the right to sue Chicago real estate magnate Sam Zell, company officials and others who participated in the company’s ill-fated 2007 leveraged buyout. Get the full story »
ELITE STREET | By Bob Goldsborough | JPMorgan Chase & Co. Chairman and Chief Executive Officer Jamie Dimon has slashed the asking price of his 18-room Gold Coast mansion from $9.5 million all the way down to $6.95 million.
The Tribune has learned that the eight-bedroom, 13,500-square-foot mansion now is listed for slightly more than half of Dimon’s original $13.5 million asking price for the home in 2007. Now based in New York, Dimon, 54, paid $4.68 million for the mansion in 2000. Get the full story »
Urban Partnership Bank, the successor to the recently failed ShoreBank, has already boosted the interest rates on a couple of savings accounts for its online ShoreBank Direct.
The ShoreBank Direct Online Savings Account now pays a 1.25 percent annual percentage rate with a $100,000 minimum balance, up from 1.19 percent. It also pays 1.2 percent for balances of less than $100,000, up from 1.03 percent.
The rate hikes were first reported by www.depositaccounts.com, a tracker of bank account trends. Get the full story »
An exterior view of ShoreBank at 3401 S. King Drive on the South Side, May 18, 2010. (Chris Walker/Chicago Tribune)
The company that bought ShoreBank has cut about 60 of the more than 300 positions at the recently failed South Side lender.
Urban Partnership Bank, the newly formed group that on Aug. 20 acquired ShoreBank through a deal brokered by the Federal Deposit Insurance Corp., said the job cuts were “a difficult decision.”
But “a smaller workforce is needed going forward in order for Urban Partnership Bank to continue the mission and to be a strong, sustainable player in our communities,” said Brian Berg, spokesman for Urban Partnership Bank. Get the full story »
Urban Partnership Bank, the newly formed group that last week bought failed Chicago-based ShoreBank, has named five-people to its board of directors.
It includes three former First Chicago executives who had joined ShoreBank in recent months during its last-ditch and ultimately unsuccessful effort to raise capital so state and federal regulators wouldn’t seize it.
Those are David Vitale, who, as previously reported, will serve as chairman; William Farrow, who, as reported, will be president and chief executive officer; and Eileen Kennedy, another former First Chicago executive who had joined ShoreBank in recent months. Get the full story »
Former Disney CEO Michael Eisner on July 7, 2010. (AP Photo/Nati Harnik)
By Dawn C. Chmielewski, Michael Oneal and Sallie Hofmeister
Former Walt Disney Co. Chief Executive Michael Eisner is in discussions that could lead to his return to the media spotlight — as chairman of the now-bankrupt Tribune Co.
The Chicago-based media company’s largest creditors are having preliminary conversations with prospective candidates who could operate Tribune Co. once it emerges from bankruptcy, according to several people with knowledge of the situation.
Eisner, who has been dabbling in the digital world as an investor since stepping down from Disney in 2005, is among the candidates under consideration to replace Chicago real estate magnate Sam Zell as chairman of the reorganized company. Get the full story »
Troubled lender Amcore Financial Inc AMFI.PK filed for bankruptcy protection on Thursday to liquidate its assets, it said in a filing.
Amcore Financial, which has been in talks with its largest stakeholders, intends to file a plan of liquidation by August 24 and continues to operate its business as a debtor-in-possession, it said in a filing with the U.S. Securities and Exchange Commission. Get the full story »
U.S. consumers are slightly more satisfied with their credit cards after a new disclosure law came into effect in February, with American Express being the top pick for the fourth year in a row, followed by Discover cards, an annual survey showed. The J.D. Power and Associates poll released Thursday showed that satisfaction rebounded from a 3-year low in 2009. Get the full story »
HSBC is in focus after the Telegraph reported on renewed speculation that the bank is preparing a $15 billion bid for Chicago-based Northern Trust. Sources said the UK bank asked Goldman Sachs to advise it on a possible $65-a-share offer.
General Motors Co. will have four lead underwriters on its IPO, according to a source familiar with the situation.
They will be Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley, the source said. JPMorgan and Morgan Stanley helped the automaker prepare the paperwork for the IPO. Get the full story »
