The new federal agency charged with regulating U.S. consumer financial services will have at least some rules in place by early 2012, according to the White House adviser helping to set up the regulator. Get the full story »
Filed under: Banking
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MB Financial’s former president joins Inland Bank
A former MB Financial president who recently left the $10.32 billion-asset bank after a management shakeup has stepped into the same position at Oak Brook-based Inland Bank & Trust. Get the full story »
Heartland to take over Western Springs bank
U.S. regulators announced the failure of an Illinois bank Friday, the fourth in that state to be shuttered this year. Get the full story »
April 8 at 10:33 a.m.
Filed under: Banking, Chicago executives, Housing, Personnel moves, Real estate, Updated JPMorgan Chase helps CEO Dimon on sale of Gold Coast mansion
JPMorgan CEO Jamie Dimon, right, listens to a question from the media after a speech at a conference on global capital markets in Washington, March 30, 2011. (Andrew Harrer/Bloomberg)
When Jamie Dimon, the chairman and chief executive of JPMorgan Chase & Co., finally sold his Gold Coast mansion at 25 E. Banks St. in 2010 after it had been on the market three years, the real estate crisis prevented him from getting the more than $13 million he originally wanted.
But he did get help from JPMorgan, which paid $421,458 in expenses related to the sale, according to a Securities and Exchange Commission filing made public yesterday. Get the full story »
Wells Fargo cuts 1,900 jobs as refinancings slow
Wells Fargo & Co said on Thursday it is shedding about 1,900 jobs, or less than 1 percent of its total workforce, as mortgage refinancings slow. Get the full story »
JPMorgan’s Dimon got $20.8 million in 2010
Jamie Dimon, center, chairman and chief executive officer of JPMorgan Chase & Co. (Tim Boyle/Bloomberg News)
Jamie Dimon, Chief Executive Officer of the second-largest U.S. bank by assets, saw his total compensation rise to $20.8 million in 2010, according to a regulatory filing by JPMorgan Chase & Co.
He received only $1.3 million in total compensation in 2009, according to the filing. Get the full story »
Troubled Parkway Bank ordered to raise capital
A Parkway Bank at 4800 N. Harlem in Chicago. (Alex Garcia/Chicago Tribune)
Another midsized bank in the Chicago area is showing serious signs of wear and tear.
Parkway Bank & Trust Co., a $2.59 billion-asset lender based in Harwood Heights, has been ordered by state and federal regulators to raise its capital levels. Get the full story »
PNC Financial raises dividend 250%
PNC Financial Services Group Inc said it would raise its quarterly dividend 250 percent and would repurchase up to $500 million of common stock this year. Get the full story »
Harris Bank curbs free checking
Harris, the Chicago market’s third-biggest bank, is making it tougher for depositors to qualify for free checking.
Following in the footsteps of market share leaders Chase and Bank of America, Harris has become the latest bank to make consumers jump through more hoops if they want to keep free checking. Until recently, the U.S. unit of Canada’s BMO Financial had a free checking account with no monthly fees and no minimum balance or direct-deposit requirements. Get the full story »
Marshall & Ilsley to get BMO Harris Bank name
Bank of Montreal will drop the Marshall & Ilsley Corp. name when it combines the troubled Wisconsin lender with its existing U.S. retail unit this summer.
The Toronto-based bank will rename the combined U.S. retail bank BMO Harris Bank, a name that it said tested well in several markets, including Milwaukee and Chicago. BMO’s U.S. consumer bank was previously known as Harris Bank. The bank’s acquisition of Marshall & Ilsley, announced in December, is expected to be completed before July. Get the full story »
JPMorgan CEO: Wealthy should carry tax burden
The wealthy should pay the largest portion of U.S. taxes, JPMorgan Chase Chief Executive Jamie Dimon said Tuesday, injecting himself into the budget debate as the threat of a government shutdown looms. Get the full story »
Citibank to pay small checks first
Citibank said it will start clearing smaller consumer checks first, offering a reprieve for those who cut it close and sometimes get hit with multiple overdraft fees. Get the full story »
Discover Financial names new CFO
Discover Financial Services in suburban Riverwoods today named R. Mark Graf as its chief financial officer. The credit card company said Graf, 46, will oversee Discover’s financial operations, including treasury, accounting, investor relations and all financial reporting functions. Get the full story »
5 top Goldman execs took home $69M in ‘10
Goldman Sachs Group Inc. paid its top five executives a total of $69.6 million in cash and stock last year as the firm rebounded from the austerity imposed during the financial crisis.
That is up from total 2009 compensation for the five of $5.3 million, according to the firm’s annual proxy filing on Friday. Get the full story »
Move to delay debit card fee cap gains momentum
A legislative effort to delay and study a new law capping the swipe fees that retailers pay is picking up steam in Congress. Get the full story »
