Depository Trust & Clearing Corp., the huge securities clearinghouse with a key hub in Tampa, has inked a $965-million deal to buy a counterpart in the United Kingdom. By combining with U.K.'s LCH.Clearnet Group Ltd., DTCC will become a major trans-Atlantic clearinghouse for stocks, bonds and derivatives. DTCC, which runs a 450-employee securities-processing facility in New Tampa, clears billions of dollars daily in Wall Street and government securities transactions. LCH.Clearnet brings experience in clearing derivatives such as interest-rate swaps.
Chase call center cuts 93 Tampa jobs
JPMorgan Chase is laying off 93 workers at its Tampa campus who handle telephone sales calls relating to student loans. The work is being consolidated in Indianapolis, where the company's Chase Education finance group is based. "It's about back-office efficiency. We've determined that our Indianapolis office can handle the volume," JPMorgan Chase spokeswoman Nancy Norris said Thursday. The New York financial services company has about 3,800 employees in Tampa. Meanwhile, ratings company Nielsen told 10 local employees that they would be laid off this year. Thirty more will be laid off in 2009.
MLB cracks down on bogus apparel
Since the Rays won the American League Championship Series, St. Petersburg police have seized more than 500 counterfeit T-shirts and ball caps from street vendors allegedly violating Major League Baseball trademarks. A multi-jurisdictional task force set up in conjunction with Major League Baseball Properties has been enforcing league licensing and other rules including ticket scalping in a clean zone around the periphery of Tropicana Field. In addition to their sellers' not paying royalties, offending garments typically have no MLB hologram logo. Many have cut labels. That means they are factory rejects or irregulars, but sell at full retail. Vendors cited traveled from as far away as Rhode Island. The haul mirrors recent championship series in Denver, Houston and Detroit, but is far short of the 92,000 items seized in New York City during a World Series parade in 2000. "We expect more activity in Philadelphia," said Ethan Orlinsky, general counsel for Major League Baseball Properties. "We face so many counterfeiters there in the regular season that we have a standing court order."