Bank of America (NYSE: BAC TYO: 8648), the largest commercial bank in the United States, will cease to make private student loans. The bank didn't comment the situation.
Bank of America joins Citigroup Inc., SLM Corp. and other lenders who are tightening loan criteria. The move is reported to be unprofitable due to rising borrowing costs, cuts in government subsidies for loans and a lack of investor.
The Charlotte, North Carolina-based bank will go on offering government-backed loans, which constituted more than 85 percent of its $6 billion in student lending last year.
World's most powerful nuclear submarines, Arkhangelsk and Severstal, are to be dismantled after 2020 - their further exploitation is unprofitable
The United States' Head of Diplomacy, or Secretary of State, is an anachronistic, incompetent, meddling, intrusive, insolent and arrogant, rude individual, a brash, foul-mouthed upstart, a conceited, self-important guttersnipe and an insult to the international community, as fit for the job as a pedophile janitor in a grade school.