Morning Roundup: Jamie Dimon planning 5 more years at Chase, Millennials helping sell Cleveland, Akron stars in LeBron commercial
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- Doug Buchanan
- Managing editor-digital- Columbus Business First
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In today's roundup: Jamie Dimon planning another five years as CEO of JPMorgan Chase, regulators panned for handling of Chase's London Whale loss, Cleveland wants Millennials to help sell the city, some people are clueless about recycling, LeBron James gives Akron a starring role in Beats commercial, and Athens County bike trail judged among country's best.
JPMorgan Chase & Co. CEO Jamie Dimon is taking the long view of his life after successfully completing treatment for cancer, Bloomberg reports, including plans to remain in charge of the country's largest bank, and Central Ohio's largest private employer, for another five years. Dimon, 58, said of his prognosis that "It hasn't changed what I want to do with my life, yet. Could it? It could. I still love what I do and I still have to do something, I still want to make it a better world."
The Federal Reserve's Office of Inspector General is criticizing the regulator's handling of the London Whale trading fiasco at Chase (NYSE: JPM). Bloomberg reports the watchdog's report says the Federal Reserve Bank of New York identified risks in JPMorgan's chief investment office but botched follow-up examinations in a "missed opportunity" to head off the $6.2 billion loss. "Risk identification without follow up is the equivalent of a fireman seeing a fire but not acting on it," former Fed bank examiner Mark Williams told the news service.
Cleveland is turning to its Millennials to sell the city and improve its image, the Cleveland Plain Dealer reports. The city's Positively Cleveland tourism arm has signed up about 200 young professionals to help promote the city, the paper said, starting with a YP CLE Ambassador Summit to gather ideas. A 2012 survey found only 34 percent of Clevelanders would recommend their hometown as a tourist destination, the paper reported, which Positively Cleveland CEO David Gilbert called "an exceedingly low percentage."
Doug Buchanan directs daily online/digital news coverage for Columbus Business First.
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