Banking

Lydia Jilek, senior director of voluntary benefits solutions at Willis Towers Watson, explains how Biden's loan forgiveness plan will impact employees and employers alike.

The plan will ripple through the economy as personal spending and savings shift.

The president will also extend the moratorium on repaying student-loan debt for four months through Dec. 31.

For Wall Street, where confidentiality is bred in the bone, this poses a conundrum. 

Investing in student loan assistance, employer–sponsored emergency funds or childcare support can line employee pocketbooks and ease financial anxiety.

Large banks are facing an increasingly difficult challenge on environmental and social issues: balancing the demands of progressive activists and their own employees with those of Republican state officials. One analyst calls it the “goldilocks dynamic.”

JPMorgan Chase, Bank of America, Goldman Sachs and Wells Fargo joined Citigroup in pledging to expand benefits to cover travel for out-of-state abortions. Smaller banks in blue states were more vocal, with one female CEO saying: “I stand in disbelief.”

Employees across 100 nonprofit, healthcare and university systems are slated to have portions of their student debt forgiven.

Sixty-four percent of small business owners report that managing federal business income taxes creates an administrative burden.

The Fed estimates 11.5 million borrowers may not be able to resume paying once the freeze is lifted.