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Navient, one of the country’s largest student loan servicers, has agreed to forgive $8.2 million in private debt for Mississippi borrowers under a settlement reached by the Mississippi Attorney General’s Office last week.
Mississippi borrowers who qualify under the settlement, which was approved Saturday by a Hinds County Chancery Court judge, will see their debt erased in the next 90 days.
The Attorney General’s Office said it did not know yet how many borrowers qualify for the settlement, but it is likely only a narrow slice of the 438,000 Mississippians with student debt. The settlement mostly applies to borrowers
By Damian J. Troise
Stocks closed broadly lower on Wall Street Wednesday and deepened the weekly losses for major indexes following another choppy day of trading.
The major indexes bounced between gains and losses throughout the day, with technology stocks again giving direction to the broader market.
The sector has triggered much of the choppiness in the market as investors shift money in expectation of rising interest rates.
Higher rates make shares in high-flying tech companies and other expensive growth stocks relatively less attractive.
“We’ve seen some givebacks from the returns we got last year,” said Megan Horneman,
JPMorgan Chase’s quarterly profit dropped 14% despite a bonanza of investment-banking fees, as trading revenue dropped and payroll costs surged amid a talent shortage on Wall Street.
Chief financial officer Jeremy Barnum said the bank was facing “headwinds” as the stock- and bond-market volatility of 2020 stabilizes, thereby hurting trading revenues. But he also singled out the cost of retaining employees as bankers increasingly job hop and demand fatter bonuses.
“It is true that labor markets are tight, that there’s a little bit of labor inflation, and it’s important for us to attract and retain the best talent,” Barnum said
Editor’s note: In this Future View, students discuss if President Biden should defer student debt. Next week we’ll ask, “Which is a greater threat to Jews in America: anti-Semitism of the left, or anti-Semitism of the right?” Students should click here to submit opinions of fewer than 250 words before Jan. 25. The best responses will be published that night.
Outstanding student-loan debt has soared in recent years. According to a recent study, borrowers owed approximately $1.6 trillion in 2020, a 144% increase from 13 years before. The average amount owed is north of $36,000.
This is a crisis and
Yahoo Finance’s Julie Hyman and Brian Sozzi discuss Tesla’s Cybertruck delay until 2023 and how dogecoin is surging after Elon Musk begins accepting the crypto for some merchandise.
JULIE HYMAN: Welcome back to Yahoo Finance Live. Want to bring you some other movers that we are watching this morning besides of course, The Big Bang. Got to talk about Tesla here for a moment on two fronts. Let’s start with the Cybertruck, shall we, because the company apparently has pushed back production of the Cybertruck to the first quarter of 2023. This is according to a
With just over $38 billion in assets, Grayscale Bitcoin Trust (GBTC) – Get Grayscale Bitcoin Trust ETF Report is the biggest bitcoin fund in the world by a stretch. Launched in 2013, it has 3.5% of the world’s entire bitcoin supply and runs 13 other cryptocurrency-focused trusts.
But the company has not been having a great run in recent weeks, as shown by the numbers released by Grayscale on Twitter (TWTR) – Get Twitter, Inc. Report. At $28, shares are down 18.24% for the start of 2022 so far and, according to a calculation done
NEW YORK, Jan 19 (Reuters) – Wall Street banks are expecting trading revenue to settle at a “new normal” somewhere between pre-pandemic levels and the highs of the past two years, top executives and analysts say.
A massive injection of cash into capital markets by the Federal Reserve led to unprecedented liquidity and trading activity through the pandemic as investors sought opportunities to cash in.