Chase cooking things up again with Kitchen

Filed under: Banking & Finance |

John H. Kitchen brings nearly 20 years of experience to his job as president of J.P. Morgan Chase.

John H. Kitchen has been named president of the Colorado Springs market for J.P. Morgan Chase.

The announcement comes after former president Wayne Paton left Chase earlier this summer for a job as president of small business and corporate services at Ent Federal Credit Union.

Kitchen was formerly president of private client services for J.P. Morgan Chase.

In his new role, Kitchen will lead the bank’s commercial banking efforts as well as maintain his private client services duties.

Kitchen brings near-ly 20 years of experience with the company and its predecessors, starting with then-National Bank of Detroit. He moved from Ohio to Colorado Springs in 1998.

He has a bachelor’s degree in engineering and an MBA from The Ohio State University.

Kitchen will oversee 130 bankers at 13 full-service Chase branches in the Colorado Springs area.

IRS creating online extension application

The Internal Revenue Service is launching a system that will allow those who owe delinquent federal taxes to apply online for a payment agreement.

The Online Payment Agreement application will be facilitated through national partnerships with the tax professional community.

Tax professionals will use the OPA to apply for payment agreements on behalf of their clients.

The system, which will be available later this year, will eliminate the need to write or call the IRS for assistance.

U.S. Bancorp OKs stock repurchase

The board of directors of U.S. Bancorp has authorized a program to repurchase up to 150 million shares of its outstanding common stock.

The program replaces the company’s current share repurchase program.

U.S. Bancorp’s shares of common stock will be repurchased through December 2008 either in the open market or through privately negotiated transactions.

The reacquired common shares will be held as treasury shares and may be reissued for various corporate purposes.

Blink contactless cards mark first anniversary

Chase bank is celebrating one year of issuing its Blink contactless credit cards.

The bank has issued nearly 7 million cards to members in Colorado, Connecticut, Delaware, Florida, Georgia, New Jersey, New York, Pennsylvania and Texas.

Terminals that allow Blink credit card users to wave their cards in front of an electronic reader as opposed to swiping them are available at more than 25,000 merchant locations, from convenience stores to sports stadiums, across the country.

Credit association says economy strong, poised

The U.S. economy continues to grow with gains in the manufacturing and service sectors, according to the latest index from the National Association of Credit Management.

The NACM index also says the economy is strong enough to endure future interest rate hikes by the Federal Reserve.

The index showed continued economic expansion during July. There were few “dramatic swings,” with the exception of a 4.6 percent increase in favorable conditions for the manufacturing sector.

In addition to having the strength to endure interest rate hikes, the index painted a picture of an economy strong enough to survive high energy prices, a weak stock market and “wobbly” consumer confidence.

The manufacturing sector for July rose on a seasonally adjusted basis 0.9 percent, driven mostly by a sales component increase of 5.8 percent, which NACM analysts say bodes well for future growth.

To view the entire index, go to www.nacm.org.

Rob Larimer covers banking and finance for the Colorado Springs Business Journal.