Chase is joining the list of banks that won’t be charging customers to use their debit cards, as the backlash over Bank of America’s planned $5 monthly fee continues.
The retail banking arm of JPMorgan Chase & Co. will stop charging $3-a-month fees for using debit cards when its current pilot in Wisconsin and Georgia is completed in November, a source with knowledge of the bank’s plans told the Associated Press.
Chase, which operates in 23 states, began its test in February. It’s not alone. Wells Fargo & Co. began a similar pilot in five states Oct. 14, testing a flat $3 fee for using debit for purchases.
But it was Bank of America Corp.’s plan to start charging $5 a month that lit the issue on fire. The Charlotte, N.C., bank, last month said it will begin assessing the fee in 2012.
Whirlpool to cut costs, 5,000 jobs
Appliance-maker Whirlpool Corp. plans to cut 5,000 jobs, about 10 percent of its workforce in North America and Europe, as it faces soft demand and higher costs for materials.
The world’s biggest appliance maker also Friday cut its 2011 earnings outlook drastically and reported third-quarter results that missed expectations.
The company, whose brands include Maytag and KitchenAid, has been squeezed by soft U.S. demand since the recession and rising costs for materials such as steel and copper. Because of its size, Whirlpool’s performance provides a window on the economy because it indicates whether consumers are comfortable spending on big-ticket items.
Whirlpool jobs to be cut are mostly in North America and Europe. They include 1,200 salaried positions and the closing of the Fort Smith, Ark., plant.
Group Delphi merges with competing firm
Marketing firm Group Delphi and GGE on Friday announced a merger, which it says will create an organization with deeper expertise, broader capabilities and increased services for tradeshow, event, museum, media and retail customers.
Terms of the deal were not disclosed.
Alameda, Calif.-based Group Delphi will become home to GGE, which was headquartered in San Francisco. Officials said they expect the combined company to provide comprehensive solutions for marketing events throughout the world. Their services include creative development, design, fabrication and production.
Group Delphi has a location in Fort Wayne at 8333 Clinton Park Drive. In 2009, it partnered with Icon Exhibits to invest $4.3 million at the site.
Wells rental business acquired by L.A. firm
A Los Angeles private equity group headed by the Detroit Pistons’ owner has acquired a Wells County rental equipment business for an undisclosed sum.
Tom Gores’ Platinum Equity purchased Nesco from an investor group led by Hammond, Kennedy, Whitney & Co. of New York. Nesco founder and CEO Rob Troxel will retain an ownership stake in the business, according to a press release on Platinum Equity’s website.
Based in Bluffton, NESCO is a provider of fleet equipment rental, sales and services for the North American electrical transmission and distribution market with 32 locations throughout the United States. The company has a specialized fleet that serves a variety of critical electrical transmission and distribution infrastructures and projects.
