Kent Swig will reportedly face off in court with JPMorgan Chase tomorrow after suing the bank on Thursday, claiming that its plan to sell his office tower at 90 Broad Street violates a 2006 “last look” agreement that Mr. Swig had with the bank.
JPMorgan Chase is waiving checking account and loan fees for commercial and consumer banking customers in seven states affected by Hurricane Sandy, according to a press release posted on its website.
The banks said it would waive or credit certain fees incurred between tonight and Wednesday, Oct. 31. for customers in Connecticut, Delaware, Read More
JPMorgan’s massive, “flawed complex, poorly reviewed” $2 billion-losing hedging strategy announced by Jamie Dimon on May 10 has sent one exec head rolling: chief investment officer Ina R. Drew will resign ”as early as Monday,” according to the Times. Ms. Drew has been among the bank’s most well-paid officers and one of the most high-profile women on Wall Street. The Times reports Ms. Drew has been trying to leave for weeks:
Gregg Weisser knows how to handle a hot house. The newly anointed executive managing director of the Moinian Group, and volunteer fireman with the Kismet Fire Department in Fire Island, New York, is no stranger to putting out fires, be it a burning beach house or as a director of leasing across some of the city’s most notable addresses. As the real estate director of JPMorgan Chase, where he had worked for over 20 years, Mr. Weisser closed a million and a half feet of empty space in 1 New York Plaza.
As senior vice president and general manager of the New York business unit of Turner Construction, Charlie Murphy oversaw approximately 800 employees and $1.5 billion in construction last year. Despite a general malaise across the construction industry, this year looks particularly active, with assignments for Silverstein Properties, New York University and Boston Properties, among other commercial buildings. Mr. Murphy spoke to The Commercial Observer about a promising spurt in construction spending, work on New York University’s Langone Medical Center campus and working with competing firm Tishman on the ground at the World Trade Center site.
Lease of the Week
Endurance Reinsurance needed more office space. But growing wasn’t going to be as easy as just tacking a few new floors onto its existing footprint.
The firm had split its operations between two closely located buildings on Third Avenue, 750 and 767 Third Avenue. A quick perusal of the former revealed that only a tantalizing scrap on the building’s 10th floor was available. Alone, it wasn’t going to cut it. Endurance, a roughly 60,000-square-foot tenant at the time, was looking to grow by about 50 percent or more.
This Old House
The posse of state attorneys general that began investigating foreclosure practices at major banks in the fall of last year could be getting ready to settle with the top five U.S. mortgage lenders at the heart of the controversy, Iowa Attorney General Tom Miller told Bloomberg. Still, nothing is finalized, according to the Read More
After former White House Chief of Staff Rahm Emmanuel pirouetted off to Chicago to steamroll his shallow-pocketed adversaries in the upcoming mayoral election, President Barack Obama has cast about for a potential successor. Now we have a potential pick; not only does it represent a sort of Chicago-politics switcheroo, but there’s also a Wall Street Read More
When it comes to investment banking, 2010 belongs to JPMorgan Chase, according to the results of a Dealogic study reported by The Wall Street Journal. In its gold-medal performance, JPMorgan raked in $5.2 billion this year. Bank of America came in second with $4.6 billion, followed by Goldman Sachs with $4 billion.
And Read More
This Old House
The Securities and Exchange Commission has begun to consider the possibility that the giant foreclosure mess sweeping the nation is not merely a matter of a couple isolated incidents of stupidity on the parts of banks and perhaps shady practices are widespread throughout the industry. Reuters reports on the latest round of subpoenas Read More