Execs gain, stocks lose in mergers
The economy has barely crawled from its hospital bed, and bankers and analysts already are guessing when and how the next round of financial institution mergers and acquisitions will begin....
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Banks dodge some analysts’ inquiries, fail to share data fairly
Michael Mayo, one of the banking industry's top analysts, told the Senate Banking Committee recently that companies continue to hide information from certain people, including bearish analysts, despite a fair...
Tougher accounting rules urged
Banks need stronger ground rules for their accounting and auditing functions, according to Federal Deposit Insurance Corp. Chairman Don Powell. Some changes took place as a result of the savings...
UPS finance group picking up its effort with Chicago office
United Parcel Service, the company with the big brown trucks full of packages, recently opened a Chicago office for its commercial finance group, UPS Capital. Formed in 1998, UPS Capital...
Dimon recruits ex-Citigroup friend to help on acquisitions
Two years after taking the helm at Bank One Corp., Jamie Dimon finally has wooed longtime friend and colleague Heidi Miller to the Chicago-based company. Miller resisted earlier offers from...
Mailings from state, activists take aim at predatory lenders
In an effort to more precisely target predatory mortgage lenders, Illinois regulators and housing activists mailed 4,000 information packets to Chicago residents last week. The packets contain definitions of predatory...
Household to fight suit on loan terms
Consumer finance powerhouse Household International Inc. has been accused in a recent lawsuit of deliberately misleading California borrowers into accepting overpriced loans and erroneously believing they would save money by...
Immigrants’ money transfers win backer
Because of their importance to the U.S. economy and to poor immigrants, international money transfers should be made cheaper, according to a Federal Reserve Bank of Chicago official. Money transferred...
Exchanges, Durbin to fight tax proposal
The Bush administration's proposal to tax commodity futures transactions brought loud complaints last week from Chicago exchanges and U.S. Sen. Dick Durbin (D-Ill.). The tax, included in Bush's proposed fiscal...
Citigroup nearly doubles its deposits in area
Citigroup Inc. nearly doubled its deposits in the Chicago area last year, making it the fifth-largest bank in the area, up from the eighth-largest bank a year earlier. The nation's...