JPMorgan Chase again skipping Deer Valley trip

(Park Record) JPMorgan Chase & Company will not hold corporate outings in Deer Valley in 2010, the second consecutive year the banking giant will not come to Park City with a group of top-ranking officials and clients.

The New York City-based bank's decision to cancel what had been an annual ski season retreat to Park City comes as the local economy continues at a pace well off the halcyon days prior to the recession.

JPMorgan Chase had been one of the top corporate clients each ski season, typically bringing a few hundred people to Park City in February and March. The group used to stay at Stein Eriksen Lodge, likely spending tens of thousands of dollars each year on accommodations, meals, lift tickets and entertainment.

A bank spokesperson said the gathering, known as the CEO Summit and scheduled in the first quarter of each year, will be held in New York City. It is not clear whether the bank would schedule the event in Park City in the future.

The cancellation of the trips scheduled in early 2009 came as the economy was suffering terribly and soon after JPMorgan Chase became a major recipient of funding from Washington's Troubled Asset Relief Program.

It was also an indication that Park City, at that time appearing to navigate the economic downturn with only scattered losses, could encounter wider problems as the end of the 2008-2009 ski season drew near.

Original Article