BY
A
– MAY 30, 2012POSTED IN: ARTICLES, COLUMNISTS, EVENTS, FEATURED
The City of Buffalo is withdrawing $45 million from JPMorgan Chase and depositing the money with First Niagara Financial Group, City Comptroller Mark J.F. Schroeder announced today.
The move follows concerns about JPMorgan raised with the Common Council by members of the Occupy Buffalo movement, who asked that the city withdraw its deposits from the institution.
The Buffalo Sewer Authority funding will earn 0.30 percent interest in the new account, more than the 0.25 percent rate it had been getting with JPMorgan, Schroeder said in a written statement.
“Not only will the funds earn more interest with First Niagara, a major local employer headquartered in Buffalo, but it also sends a crystal clear message to JPMorgan Chase that the City of Buffalo is not happy with their business practices,” Schroeder said.
JPMorgan Chase revealed a $2 billion trading loss earlier this month, and its Main Place Tower offices were the site of an October demonstration by Occupy Buffalo and other groups critical of its foreclosure practices.
