WILMINGTON, Del., April 18, 2017 (GLOBE NEWSWIRE) — Navient (Nasdaq:NAVI), a leading asset management and business processing services firm announced today it has reached an agreement to purchase JPMorgan Chase’s (NYSE:JPM) approximately $6.9 billion education loan portfolio.
“We welcome our new customers, and we commit to delivering best-in-class support to ensure a seamless transition,” said Jack Remondi, president and CEO, Navient. “Leveraging our 43-year track record of helping borrowers succeed, we will provide ongoing assistance to help our new customers continue to successfully manage their education loans. The transaction delivers on our business strategy and is a win-win for our company and our customers.”
The portfolio is comprised of approximately $3.7 billion in federally guaranteed student loans, of which $1.6 are securitized, and approximately $3.2 billion in whole private education loans.
Everything is “exceptional” and “extraordinary” at JPMorgan Chase, according to CEO Jamie Dimon’s annual letter to shareholders. But the firm has “simply not met the standards set for [itself]” on one initiative: hiring black talent.
That will hardly come as a surprise to an industry that’s resolutely lacking in diversity. According to the US Census Bureau, 79% of financial advisors are white, 8% are African American, 7% are Hispanic/Latino, and just 5.7% are Asian.
By some measures, JPMorgan’s diversity record is better than its peers.According to its website, among its professional US
workforce, 20% is Asian and 8.7% is Hispanic/Latino. It’s also making progress on gender diversity. 40.5% of US employees are women. It promotes women to leadership positions too. Within global financial services, 30% of Dimon’s direct reports and 30% of its leadership are women.
JPMorgan Chase & Co Chief Executive Jamie Dimon devoted one-third of his annual shareholder letter to arguments for changing regulations, particularly those on bank capital and liquidity, as well as home mortgage loan financing.
Current regulations are inconsistent and have left banks with “too much capital,” some of which could be used to “finance the economy without sacrificing safety,” Dimon said in the 17,349-word letter released on Tuesday.
He also warned that anti-trade policies could be disruptive and geopolitical risks are in a “heightened state.”
Law360, New York (February 21, 2017, 10:34 PM EST) — A New York federal judge on Tuesday trimmed a putative class action brought by investors who say they lost money in derivatives transactions because big banks conspired to manipulate Euribor, the euro interbank offered rate. But two plaintiffs, including a California retirement fund, still have claims against JPMorgan and Citigroup.
U.S. District Judge Kevin Castel cut four plaintiffs from the suit, saying they lacked standing, as well as six foreign defendants who didn’t fall under his jurisdiction because their allegedly illegal activities weren’t tied to the U.S. He also dismissed all Racketeer Influenced and Corrupt Organizations Act and Commodity Exchange Act claims from the suit and cut three out of four Sherman Act claims in the case.
JPMorgan Chase & Co (JPM.N) is gradually introducing a digital mortgage platform where customers can apply online and track applications by mobile phone.
The tools will allow customers to submit and sign documents online and exchange messages with bank staff and real-estate agents so loans can close more quickly and easily, consumer mortgage chief Mike Weinbach said in an interview.
“This platform will allow us to be where more of our customers are, which is online and on their phones,” Weinbach said. “It is more efficient for customers and for us.”
One of the country’s foremost nonprofit legal advocacy groups for whistleblowers has taken up the cause of former JPMorgan Chase broker Johnny Burris who was fired after refusing to put his elderly clients into the bank’s own high-priced products.
The Government Accountability Project, which has represented Edward Snowden and other prominent tipsters, filed an appeal of a Department of Labor decision to uphold the bank’s termination of Burris in 2013. That same decision, issued last month, also found that the bank did retaliate against Burris, who’s now an RIA based in Surprise, Arizona.
JPMorgan drew the largest SEC fine of 2015, $307 million, for inappropriately pushing its own products, three years after Burris provided the commission with more than a thousand pages of documents and secret recordings supporting his allegations. Burris also accuses several of his managers of lying under oath or omitting material facts during a FINRA arbitration case.
Wow! Anything for a buck by the bankster!
For some people, jury duty is a dreaded American civic obligation. Now, JPMorgan Chase is adding another unwelcome element: banking fees.
In a handful of jurisdictions, the biggest U.S. bank by assets has taken over administration of the juror-compensation system, issuing debit cards instead of the age-old system of paper checks.
In addition to the juror pay, the cards also come loaded with fees — for balance inquiries, for inactivity, for using non-Chase ATMs, for charges with insufficient funds and for cash or check issuance. The funds become impossible to withdraw from an ATM once the balance falls below $20, and in at least one jurisdiction — Washington, D.C. — there are no Chase branches or ATMs within 90 miles (145 kilometers), ensuring the funds will eventually be frittered away to the bank.