Coinbase Lays Off 30, Shutters Chicago Office

PYMNTS

Digital currency exchange Coinbase has shuttered its Chicago office and laid off 30 engineers, according to a report in Fortune. We have made the difficult decision to consolidate the matching engine efforts and thus wind down the matching engine team in Chicago. We will look to relocate a small number of Chicago-based matching engine employees to San Francisco,” said the company. Cryptocurrency bitcoin Chicago coinbase cryptocurrency Layoffs News trading What's Hot

Chicago Purchasing Managers Index Tumbles To 38-Year Low

PYMNTS

The widely watched Chicago Purchasing Managers Index fell to 32.3 All in all, the Index – which is also known as the Chicago Business Barometer – hit a 40-year low in May and marked its ninth consecutive month of a sub-50 reading, which indicates contraction. Economy Chicago Chicago Purchasing Managers Index Consumer Demand Consumer Spending COVID-19 economy News What's Hot

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Billtrust Expands Presence In Chicago

PYMNTS

Accounts receivable automation firm Billtrust announced that it is expanding its presence in Chicago. Chicago has been an incredible host to Billtrust, and we are thrilled to be growing our team there,” Billtrust CEO Flint Lane said in the announcement. “We’ve Payment Methods accounts receivable B2B Payments Billtrust Chicago News What's HotDue to its rapid growth, the firm is moving its office to the 28th floor of 125 South Wacker Drive.

Chicago restaurant Steak 48 embraces WeChat Pay as Chinese tourists expand mobile platform

Mobile Payments Today

Steak 48, a Chicago-based steakhouse, is embracing mobile wallet applications from China by adding WeChat Pay to the platforms it accepts after previously adding UnionPay

Uber Price Spike Revealed In Chicago

PYMNTS

Although ride-hailing companies like Uber and Lyft strive to keep pricing strategies secret, a Chicago law requires the disclosure of fare data, Reuters reported on Tuesday (Nov. Chicago has seen a significant increase in the cost of rideshares over the past year, although prices for single riders have remained relatively unchanged, according to an analysis by Reuters. Via , a smaller ride-hailing rival in Chicago, has about 1 percent of the city’s market share. “In

Tech Center: Chicago On Deck

PYMNTS

Chicago is more than just the place the Chicago Cubs and Bulls call home. Bubbling under the surface of Chicago lies an up-and-coming tech center. Given that many large cities in the United States have increasingly become places for tech startups, it’s natural to see Chicago as one of the next tech centers. Before we jump into the post, here are a few quick facts about Chicago and its tech scene: . Chicago’s population is 2,720,546 (2015).

Amazon Go Debuts In Chicago

PYMNTS

According to Venture Beat , the Chicago store is located at 113 S. Amazon Go has launched another store, this time in the Windy City. Franklin Street, and offers standard convenience store fare that includes breakfast, lunch and dinner meal kits and hot food. The location will only be open on weekdays from 7 a.m. to 8 p.m. This is the fourth Go store and the first to open outside of Amazon’s hometown of Seattle.

Dozens Of Car2go Mercedes Stolen In Chicago Area

PYMNTS

Daimler’s car-sharing service car2go was shut down temporarily Thursday (April 18) in Chicago after a slew of Mercedes-Benz cars were stolen by using the app. According to a report , the Chicago Police Department was notified that some of the vehicles used for the car2go program may have been fraudulently rented through the mobile app, and the cars were used to commit other crimes. The Chicago Police Department confirmed the theft and said the investigation was continuing.

Uber Freight To Invest $200M To Set Up Shop In Chicago

PYMNTS

Uber Freight has announced that it is investing $200 million to “put down roots” in Chicago. Chicago is consistently at the forefront of innovation, from building America’s foundational transportation systems and its first skyscraper, to fostering world-class universities and research centers. Strengthening that team and shepherding in the next era of growth for Uber Freight will be our priority in Chicago.

Canada’s Aritzia Opening Second Chicago Location

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is expanding in Chicago as it targets both brick-and-mortar and online expansion. According to Chain Store Age , the fashion retailer will open a flagship on Rush Street in Chicago this fall. ” Retail Aritzia canada Chicago fashion fashion retailer usCanada’s Aritzia Inc. The Vancouver, British Columbia–based company already operates a store in the Windy City, at Water Tower Place.

CFPB slaps Chicago mortgage lender with redlining lawsuit

American Banker

Diversity and equality Redlining Mortgages Enforcement actions Enforcement Nonbank CFPB City of Chicago, IL Race discriminationThe consumer agency alleges Townstone Financial's CEO and president made statements on a radio show discouraging applicants living in Black neighborhoods from seeking home loans.

Lululemon Brings Experiential Store To Chicago

PYMNTS

As Lululemon looks to compete with Amazon and differentiate itself, the fitness apparel retailer is opening a massive store in Chicago. The location, which is in the city’s Lincoln Park neighborhood, is 20,000 square feet, CNBC reported. The store features workout studios, a restaurant, and so-called one-of-a-kind merchandise.

Chicago, Mastercard And GCBA Launch Tech Pilot Program

PYMNTS

The program is a pilot that will come at zero cost to Chicago taxpayers. In terms of the tech business in Chicago, it calls itself a “living lab” within which GCBA can explore certain issues. Hany Fam, EVP of Mastercard enterprise partnerships, said Mastercard applauds “the City of Chicago for pioneering a ‘living lab’ – as an optimized interaction between cities and their tech sectors can help drive inclusive growth and a better quality of life.”.

U.S. Bank branch restructuring is underway with closures in Chicago area

Bank Innovation

Bancorp is closing 21 branches in the Chicago area as part of a restructuring plan to expand its physical footprint in some markets while shrinking its presence in others, bank spokesman Evan Lapiska confirmed. The Minneapolis-based regional bank currently has more than 3,000 bank branches in 26 states, but it is looking to reduce […]. Exclusive Premium Retail Banking branches JPMorgan Chase US Bank Wells Fargo

Chicago Developer Tries To Lure Amazon With Its Own Stadium

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Sterling Bay, a Chicago developer, is throwing in a sports and concert stadium into its proposal for Amazon’s second U.S. According to a news report in the Chicago Tribune , the developer’s Lincoln Yards project includes the ability for Amazon to have a stadium at its headquarters. The city asked us for our boldest ideas on Amazon’s HQ2, and that’s what we did at Lincoln Yards,” Sterling Bay managing principal Andy Gloor said in an email to the Chicago Tribune.

Target Opening Additional Small Stores In NYC And Chicago

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Target has announced it is opening additional small-scale stores in New York City (NYC) and Chicago. In 2016, the company announced it had opened 23 “flex-format” stores — smaller stores less than 50,000 square feet designed for urban shoppers — in metro areas like Chicago, Philadelphia and Berkeley, California. In addition, another small-format store in Chicago’s Wicker Park neighborhood will open this summer.

‘Game Of Thrones’ Is Coming — To A Bar In Chicago

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But for Replay Lincoln Park , a popular arcade-bar in Chicago, the forthcoming eighth and final season of “Game of Thrones” is more than an opportunity to sell some Arbor Gold and Fire & Blood beer (the officially licensed “Game of Thrones” beers brewed by Ommegang Brewery). “Game of Thrones” has no difficulty driving viewership. HBO’s sprawling epic fantasy series started out with a relatively small audience when it premiered in April of 2011 — about 2.2.

Top 48-Month CD Rate Available At Chicago Credit Union

BankDeals

Chicago Municipal Employees Credit Union's 48-month Share Certificate has competitive rates for three balance tiers of $25k, $10k and $1k

Amazon Go To Expand To San Francisco And Chicago

PYMNTS

The Amazon Go store is getting ready to expand into San Francisco and Chicago. We plan to open Amazon Go in Chicago and San Francisco,” said an Amazon spokesperson, who didn’t have information about other cities where the store might launch. The first cashierless Amazon Go store opened in January in Seattle after being in development for five years. It’s located on the ground floor of the eCommerce giant’s new headquarters.

Chicago Trader Charged With Crypto Theft

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Marking the first prosecution in Chicago of theft in the cryptocurrency industry, a trader with a financial firm was charged with fraud. Joseph Kim allegedly misappropriated $2 million in bitcoin and litecoin, the United States Department of Justice said in a press release. Kim had worked for Consolidated Trading LLC, which recently formed a cryptocurrency group.

Amazon Opening Up Physical Store In Chicago

PYMNTS

Amazon is dominating in the eCommerce world, but that doesn’t mean it doesn’t see value in physical store fronts, with the eCommerce retailer gearing up to open up an offline store in Chicago’s Lakeview neighborhood. In a report by Chicago Tribune , Amazon spokeswoman Deborah Bass confirmed in an email it is bringing an offline bookstore, dubbed Amazon Books, to Southport in Chicago.

Wells Fargo Shut Out Of Illinois Bond Business; Chicago May Follow Suit

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Meanwhile, the Chicago City Council is gearing up to consider a moratorium on doing any bond-related business with Wells Fargo as well. Banking Chicago fake account scandal Illinois News wells fargo What's HotThe Wells Fargo fake account scandal has resulted in more fallout for the beleaguered bank — this time, with Illinois announcing a ban on bond and investment work with Wells Fargo.

A Slew Of Car2go Mercedes Stolen In The Chicago Area

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Daimler’s car-sharing service Car2go was shut down temporarily Thursday (April 18) in Chicago after a slew of Mercedes-Benz cars were stolen by using the app. According to a report in TechCrunch , the Chicago Police were notified that some of the vehicles used for the Car2go program may have been fraudulently rented through the mobile app with the cars used to commit other crimes.

Meijer To Offer Self-Scanning Mobile App In Chicago

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As grocers ramp up their digital offerings, Meijer is gearing up to launch a self-scanning mobile app in the Chicago area that allows shoppers to scan their purchases throughout the store and check out at a dedicated counter. But shoppers will still have the option of a traditional checkout experience, The Chicago Tribune reported. Meijer Spokesman Frank Guglielmi told The Chicago Tribune , “We want our shoppers to shop the store the way they want.”.

Perficient Named a 2020 Best & Brightest Company to Work For in Chicago

Perficient

We are proud to announce that the Perficient’s Chicago office has been named a 2020 Best and Brightest Company to Work For ! Our Chicago office has earned this award several times over the past few years. Over the past few months, Chicago employees have come together virtually to host the following events: Happy Hour/DIY approach to tackling the PPE shortage in Chicago. The Chicago team celebrating their Best and Brightest Award win in 2019.

First Busey to expand around Chicago with acquisition

American Banker

The Illinois company will pay $191 million for the parent of Glenview State Bank. Illinois M&A Growth strategies

Will Chicago Be The Next City To Say Bye-Bye To Uber And Lyft?

PYMNTS

A vote in Chicago this week could decide if Uber and Lyft will continue to operate there, as the vote from the full city council will determine whether or not ride-sharing firms will have to comply with the same types of regulations city-licensed taxi drivers are forced to. The so-called “Rideshare Reform” rules have already passed a subcommittee of the Chicago City Council as of Friday, with the full vote scheduled for tomorrow. Retail Chicago Lyft Uber

Sephora’s High-Tech Chicago Outpost

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Sephora is expanding its Beauty TIP Workshop store format to Chicago — with some fancy new high tech flourishes added. Considering that the new Chicago location features some 13,000 products to play with in their interactive environment — actually a lot. The beauty brand currently has similar locations in Boston, San Francisco and Toronto.

Exclusive Interview With Jason Henrichs, Co-Founder of FinTEx Chicago

Let's Talk Payments

The more people you meet from the Chicago FinTech scene, the more it draws you in. I really enjoyed my conversation with Jason Henrichs who is involved with a lot. Fintech Insights insights US

Rooam buying Tally to bring bar-tab payment app to Chicago

Payments Source

the company has agreed to acquire a similar payment app provider to pave the way for its launch in Chicago. After Rooam's initial launch of its nightlife payment app in its home base of Washington, D.C., Mobile wallets M&A

Sageworks to host 2015 Risk Management Summit in Chicago

Abrigo

Bank and credit union executives and leading industry experts will convene September 23-25 in Chicago, Illinois, for the premier banking conference covering the ALLL and stress testing. Given the downtown venue, attendees will also be steps from top Chicago destinations like Navy Pier, Michigan Avenue and Lake Michigan. Following three successful years in Nashville, Tennessee, the 2015 Risk Management Summit heads to a new city this September.

Manafort's banker seeks to move his trial from New York to Chicago

American Banker

Crime and misconduct Mortgages C-suite Financial crimes DoJ Federal Savings Bank of ChicagoStephen Calk and the bank where he formerly served as CEO are both arguing that his bribery trial should be held in Illinois. Prosecutors oppose the move.

Accounting firm settles FDIC claims tied to Chicago bank's failure

American Banker

Bansley & Kiener, without admitting wrongdoing, agreed to pay $2.5 million to address allegations that lax oversight contributed to the 2017 collapse of Washington Federal Bank for Savings. Litigation Failures M&A

Verizon Activates 5G In Chicago And Minneapolis, More Cities To Follow This Year

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Verizon has activated its 5G wireless network in Chicago and Minneapolis, the company announced on Wednesday (April 3), and it plans to roll it out to 30 more markets by the end of the year, according to a report by CNBC. The company won’t see revenue from the new network until 2021, Verizon CEO Hans Vestberg said. The 5G network will be a complement to “5G Home,” which is Verizon’s wireless alternative to cable.

Byline in Chicago joins list of community banks closing branches

American Banker

The company will shutter a fifth of its locations, while reinvesting some of the savings in its digital banking platform. Revenue and expenses Branch network Community banking