William J. Daley last week disclosed holdings in JPMorgan Chase & Co. he will be unloading after leaving the bank to become President Obama's chief of staff: About $7.8 million of shares.
The former vice chairman of JPMorgan Chase's Midwestern bank exercised stock appreciation rights and restricted units last week that left him with about 175,678 shares in the New York company, according to a regulatory filing.
Daley officially left JPMorgan Chase last week in conjunction with his White House appointment, which requires him to sever ties with the financial giant. He will be free to sell his remaining shares after JPMorgan Chase's earnings report on Friday.
Daley, brother of Chicago Mayor Richard M. Daley, also resigned from the boards of Boeing Co. and Abbot Laboratories as a condition of his new job. JPMorgan Chase Chief Executive Jamie Dimon said in a company memo published by Business Insider that the company hadn't settled on a successor.
Along with a whole bunch of baby boomers, the National Foundation for Credit Counseling — another by-product of post-war U.S. conditions — turns 60 this year.
The nonprofit, the largest and longest serving network of community-based credit counseling agencies in the country, will celebrate its birthday throughout 2011, with special emphasis in April, which is Financial Literacy Month, and in September at the group's annual leaders conference, to be held in San Francisco.
"Even though some form of credit has existed for centuries, most experts agree that it wasn't until the late 1940s that the concept of credit as we know it today was born," said Susan C. Keating, president and CEO of the NFCC. "It is not surprising that only a few years later, community leaders realized that consumers needed financial education to accompany their newfound access to credit, and the NFCC was created."
The group, based in Silver Spring, Md., comprises nearly 100 member agencies with more than 3,000 certified credit counselors and 2,000 certified housing counselors in 800 locations. Through one-on-one sessions, member agencies assist about 4 million consumers a year with debt, housing, bankruptcy and other financial concerns. Another 400,000 people are reached annually through free classes and workshops that are open to the public.
ING Groep N.V. was honored this week as "financial services diversity corporation of the year," during the National Gay & Lesbian Chamber of Commerce's fourth annual Diversity and Leadership in Financial Services Awards dinner.
Capital One Financial Corp. also was recognized, with its Future Leaders Forum for Young Women named the program initiative of the year. The forum brings together high school girls for a leadership development program, where topics discussed range from financial education to body image.
Donna Griffin, chief diversity officer at the Chubb Group of Insurance Cos., was named corporate leader of the year.
Monday's dinner was sponsored by Bank of America Corp. and Goldman Sachs Group Inc. and held at the New York Stock Exchange.
"Recognition like this encourages ING to set the bar even higher in this area," said Rob Leary, CEO of ING Insurance U.S.
The NGLCC represents 1.4 million businesses owned by gay, lesbian, bisexual and transgendered people.
Onward & Upward
Kenneth L. Tepper has been named chief executive of Radnor, Pa., investment bank Kildare Financial Group Inc.
Tepper was most recently a managing director in the financial institutions group of the investment bank Cohen & Co. LLC. He previously served as president and chief executive of TRM Corp., a banking services company, and worked in resolutions at the Federal Deposit Insurance Corp. during the savings and loans crisis.
Kildare specializes in corporate finance and municipal bond underwritings. …
Steven G. Elliott, a retired senior vice chairman of Bank of New York Mellon Corp., has been named to the board of Huntington Bancshares Inc., where he will also sit on the risk management committee.
During 23 years at BNY Mellon and predecessor Mellon Corp., Elliott served as Mellon's chief financial officer and co-leader of the team that integrated The Bank of New York with Mellon in 2007.