Steve Daniels

Chicago

Editorial Board Member at Chicago Tribune

Editorial board of the Chicago Tribune. Former business journalist. Apologies in advance for music and sports tweets.

Articles

BMO to stop making car loans through auto dealerships

Sep 20, 2023 | chicagobusiness.com | Steve Daniels

BMO is exiting the business of making loans to car buyers through dealerships. Chicago’s second largest bank by deposits is phasing out a longstanding business line — and a substantial consumer lending product. Auto loans have grown dicier for lenders as the prices of both new and used cars rose along with interest rates over the past few years. It’s not uncommon for auto buyers to take out loans with terms as long as eight years.
Cboe stock rises as CEO's sudden exit fuels CME merger speculation

Sep 19, 2023 | chicagobusiness.com | Steve Daniels

It’s a rare sight when a well-regarded CEO resigns abruptly over a controversy and the stock rises on the news.
CEO Edward Tilly is out at Cboe Global Markets

Sep 19, 2023 | pionline.com | Steve Daniels

Edward Tilly has resigned as chairman and CEO of Cboe Global Markets after the conclusion of an internal investigation of personal relationships with colleagues that the board launched in August alongside an independent counsel. "The board of directors determined that Mr. Tilly did not disclose personal relationships with colleagues, which violated Cboe's policies and stands in stark contrast to the company's values," the company said in a Sept. 19 release.
CEO Ed Tilly is out at Cboe Global Markets

Sep 19, 2023 | chicagobusiness.com | Steve Daniels

Edward Tilly is out as CEO of Cboe Global Markets. In what is a major surprise, Tilly resigned as chairman and CEO of the Chicago-based options trading house — one of two dominant derivatives exchanges based here.
Mesirow launches deal-making push with buyout of local wealth manager Front Barnett

Sep 18, 2023 | chicagobusiness.com | Steve Daniels

September 18, 2023 12:50 PM 9 minutes ago Mesirow Financial is acquiring long-time Chicago wealth management firm Front Barnett, its first deal in a push to get bigger in handling the nest eggs of the rich via deal-making. Founder Marshall Front, who launched the firm 29 years ago, will stay on and continue to help run the firm along with principals Mickey MacMillan and Peter Wahlstrom.
Illinoisans are seeing property insurance rate hikes rivaling wildfire-prone states. Should they be?

Sep 14, 2023 | chicagobusiness.com | Steve Daniels

A looming national property insurance crisis is focused mainly on states vulnerable to extreme weather like Florida and California, but surprisingly, insurers are hiking homeowners premiums more in Illinois than all but five other states. Illinois joins Texas, Arizona, North Carolina, Oregon and Utah as the states where homeowners premiums have risen 20% to 30% since the beginning of 2022, according to an analysis done for The Wall Street Journal.
Investors punish Northern Trust for soaring deposit rates

Sep 12, 2023 | chicagobusiness.com | Steve Daniels

Intensifying competition for deposits is squeezing Northern Trust. Chicago’s largest locally headquartered bank spooked investors today with a downbeat projection of how rising deposit rates are affecting its lending business. Northern’s stock was down about 6% in late afternoon trading on double the normal volume after executives told investors at a New York conference that the income Northern makes from lending is expected to be 10% lower in the third quarter than it was last quarter.
GTCR buys into firm helping banks navigate perils of uninsured deposits

Sep 11, 2023 | chicagobusiness.com | Steve Daniels

Chicago private-equity firm GTCR has made a timely investment in a firm that works with banks to provide fully insured deposits to large firms whose cash in banks well exceeds the regulatory limit for deposit insurance. GTCR acquired a 50% stake in New York-based R&T Deposit Solutions, R&T announced last week. R&T partners with banks to team up on deposit terms so that that those packaged deals can be offered to large-scale depositors.
ComEd names 28-year company veteran as crucial operations chief

Sep 7, 2023 | chicagobusiness.com | Steve Daniels

Commonwealth Edison has named David Perez, a 28-year veteran of the utility, to the crucial role of chief operating officer. Perez, 53, will succeed long-time COO Terence Donnelly when he retires from the company at the end of the year, ComEd announced late yesterday. Perez has been in operational roles at ComEd for decades. For many years, he oversaw grid operations in the city of Chicago.
Community banks finally are finding buyers — they're just not bigger banks

Sep 6, 2023 | chicagobusiness.com | Steve Daniels

If the modest flurry of recent local bank mergers means something, it’s that bankers looking to sell their companies need to look well beyond larger bank rivals to find potential buyers. Three Chicago banks have struck deals in the past week or so to sell. Two of them agreed to be acquired by the same institution: the Michigan State University Federal Credit Union.