Results tagged “jpmorganchase”

The first Chicago location of JPMorgan Chase's "homeownership centers" has opened, the Tribune reports. Chase plans to open 24 centers in all across the country to assist homeowners in need of assistance with troubled mortgages. The center, located at 1836 N. Broadway in Melrose Park, is the first of two planned Chicago centers, the other opening very soon at an undisclosed South Side location. The Trib describes the centers as a place, "to let troubled borrowers meet face to to face with lending counselors in an effort to rework their mortgages." Just last weekend, Gov. Quinn signed a bill that extends the grace period for homeowners facing foreclosure. [Tribune]

Publisher Melville House has announced that Chicago-based writer Kari Lydersen's account of the Republic Windows and Doors sit-in on her blog at the Washington Post a blog on the publisher's website is being turned into a book, due out in early 2009. Because nothing screams riveting page-turner like a sordid tale of severance pay, bad credit, and people sitting around on lawn chairs. No offense to Ms. Lydersen, but other than the people that actually did the sitting in, who's going to buy this book? Perhaps the publisher is hoping union leaders will snap up lots of copies to hand out to members as a how-to guide.

After a six day sit-in by workers at the Republic Windows and Doors factory, an agreement to end the protest was reached. The workers approved a $1.75 million deal which will pay each worker eight weeks' salary, all accrued vacation pay and two months' paid health care. Late last night the workers voted unanimously to end the strike after a 20-hour negotiation involving union members, Republic management, members from the lender companies, and others such as U.S. Rep Luis Gutierrez. We mentioned the $400,000 from JP Morgan Chase that was put towards the deal; in addition, Bank of America has agreed to loan Republic management another $1.35 million.

As negotiations start up again at the sit-in at the Republic Windows and Doors factory, where there has been no resolution in spite of what those involved have called significant progress, JP Morgan Chase has pledged $400,000 to the plant's workers. Chase's subsidiary owns 40 percent of Republic. U.S. Rep. Luis Gutierrez, who has been involved in the ongoing negotiations, said, "Chase's infusion of necessary capital will be allocated directly to the workers to pay for the compensation and benefits that they are rightfully owed," Gutierrez said. "This money is not, under any circumstances, to be used for corporate bonuses, luxury cars or any other perk for the owners of the plant...These negotiations are about salvaging the Christmas these hardworking families deserve." The Mayor's brother, William M. Daley, who serves as Chase's Midwest Chairman, has also joined the negotiations. Even with the money, union officials say that to fully pay the factory workers all the severance and vacation they're owed would cost a total of $1.5 million.

While the only visible change inside WaMu’s Seattle-headquarters after being purchased by J.P. Morgan Chase & Co. was a portrait of Kerry Killinger--the CEO tossed out earlier this month--being replaced by a picture of an abacus, bank officials announced on Friday that as many as 400 retail branches will close. Chicagoland is likely to be hit hard because of the overlap: Chase has 340 branches, while WaMu has 117. A study conducted in March showed 160 Chase branches had a WaMu branch within 1.5 miles.

Yesterday was Principal for a Day, er, day at Chicago Public Schools, and over 1,600 business leaders, politicians and other bigwigs— including 27 aldermen, five players from the Bears, 30 people from JP Morgan Chase, 71 people from Merrill Lynch, and a bunch of White Castle execs—participated. It's a weird, weird list that you can download from District 299, our go-to CPS blog. But CPS has issues that can't be solved with Charles Tillman's suggestion...

Immigration protest image via Time Out Chicago.

While Lollapalooza is casting a big shadow over the other music events this summer, you don’t need to spend $85 (or $100 or $115) to see live music in the city. Metromix has posted dates for the various fests that celebrate local neighborhoods and musical genres this summer. Lineups for the neighborhood fests have yet to be announced but the schedules for the 21st Annual Chicago Gospel Music Festival and the 22nd Annual Chicago Blues Festival are out. Plus, they’re free.

Chicagoist is wishing we were in the signage business right about now. Once its merger with JP Morgan Chase is complete, the Bank One name will disappear from the Chicago banking landscape, as well as nationwide. Bank One is the largest bank in the area in terms of branch locations, so there are a going to be a lot of signs to replace.