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Thursday, Sep 5
JPMorgan to exit student loan business: WSJ
- JPMorgan (JPM +0.7%) is exiting the student loan business, according to a memo seen by WSJ.
- The bank seems to be quite adept lately at getting out of businesses that have the potential to stir up controversy — the firm announced in July that it would pursue strategic alternatives for its physical commodities business as Wall Street's role in metal warehousing drew scrutiny.
- Some commentators see a bubble in student debt which now totals in excess of $1T all told.
- Non-revolving credit (student loans and car loans) has become the main driver behind consumer credit expansion in the wake of the crisis.