How to get the most out of the city of Chicago’s finance hub
It’s not just about the city getting the best financial deals out of its banks and financial firms, it’s about how the city itself gets the best deals out from its banks.
For the first time in city history, the city is building its own finance hub, with a central hub that will allow the city to tap the full capacity of the banks and the financial institutions it already has in place.
The City Council approved the idea in October and the first of the new centers will open later this year.
“We’re putting our city at the forefront of financial innovation in the U.S.,” Mayor Rahm Emanuel said in a statement announcing the plans.
The idea of a new financial hub was first floated by Mayor Emanuel in September 2016, and it was announced in the 2016 budget that the city would fund a $2 billion bank consolidation plan to consolidate its financial institutions and other financial services into one.
The plan was later dropped.
Chicago Mayor Rahmpian Emanuel talks to the media at the 2016 Democratic National Convention in Philadelphia.
At the time, Emanuel called it a “new beginning” for the city.
Now, the financial services industry is gearing up to go full speed ahead on the consolidation plan, with Chicago’s own bank, First National Bank, joining a consortium that will hold a public conference call today to discuss the plan and other related issues.
First National Bank President Jim Johnson told Ars Technic that the merger would allow the company to build its new finance center “in an environment where our customers can take full advantage of our advanced services and our products.”
The announcement comes just days after the bank announced it was going to buy another big bank, JPMorgan Chase, for $13.7 billion.
Johnson said in the announcement that the financial center’s focus would be on the city’s core banking services, such as checking and savings accounts, checking and money market accounts, and direct deposits.
In addition, the new center will include a regional banking center, where the city will be able to consolidate other financial institutions, such a savings institution, insurance company, and other banks, as well as a commercial bank.
One of the biggest changes for Chicago is that the finance center will be located in the city, so there will be a “comprehensive financial ecosystem for the City,” Johnson said.
There will also be a $1 billion loan for the bank from the federal government that will provide loans and grants to banks and other lenders to support their business and to expand their footprint in the financial service sector, Johnson said in an announcement.
While the center will focus on Chicago, Johnson also said that the rest of the country should be “looking at the City of Chicago” as an example for other cities to follow.
This will be an example to the rest, Johnson added.
More: The bank is working to secure the first-of-its-kind finance center in Chicago.
“This is a historic moment for Chicago, and we’re thrilled that we can provide the city with the resources to support a strong financial ecosystem that will help the City grow and thrive,” Johnson wrote.
We’re also excited to work with the City Council to establish a Financial Center Innovation Agenda.
For the full story, head to Ars Technics, and for more details, visit the Chicago Financial Center website.