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No more Student Loans at JPMorgan

(Image source: humanevents)

According Reuters, JPMorgan Chase & Co (NYSE:JPM) will no longer be offering student loans due to competition from the Federal government. Effective October 12, the bank will stop accepting private student loans. According to the chief executive for auto and student loans, Thasunda Duckett, “We just don't see this as a market that we can significantly grow.” JPMorgan always find a way to get out of a bubble before it bursts. Pre-financial crisis of 2008, the bank significantly decreased its stake in mortgage backed securities. This maybe a warning sign for all of us.