Students at for-profit colleges are more than twice as likely to default on federal loans as their peers at public institutions, according to new data released Monday by the Department of Education that also shows the highest percentage of students defaulting on loans in more than a decade. The overall student loan default rate increased from [...]
NEW YORK — Bank of America will cut about 30,000 jobs over the next few years in a bid to save $5 billion per year. The cost-cutting drive is part of a broader effort to reshape and shrink the nation’s largest bank as it copes with fallout from the housing bust. The bank announced the [...]
Despite a little skepticism, it still more than pays to go to school. In fact, education has a greater effect on how much one earns over their career than does race or gender, according to a new study by the U.S. Census Bureau. Based on data from before the recession, between 2006 to 2008, the report [...]
As the American economy struggles to shake off a torpor that threatens to drag the country back into recession, the gap continues to grow between the nation’s richest citizens and everybody else. The economy is in evident peril, with unemployment high, wages falling, the housing market treading water and growth so slow as to be [...]
On Sept. 8, 2001, Sekou Siby was playing soccer on a field in Queens with several of his co-workers. At that time, Siby was a line cook and chef who spoke four languages. Like everyone else in the game, he worked at Windows on the World — an elite eatery atop the north tower of [...]
NEW YORK — Take a walk down Wall Street, and the change is immediately apparent. Off Nassau Street, the former Seamen’s Bank for Savings building houses a New York Sports Club, with a sign out front that reads “Invest in Yourself.” A block east, a former Bank of New York building is now the Museum [...]
WASHINGTON — Companies in July advertised the most jobs in three years, and layoffs declined – a bit of hope for a weak economy. Still, many employers are in no rush to fill openings. The Labor Department said Wednesday that employers increased their postings to 3.23 million from 3.17 million in June. That is the [...]
BOSTON (Scott Malone) – For advocates of gender equality, this week’s ouster of two of Corporate America’s most powerful women served as a reminder of how little progress U.S. companies have made in promoting women to executive positions. In particular, Yahoo Inc’s decision to fire Chief Executive Carol Bartz — by phone, no less — [...]
The promise of the American dream has given many hope that they themselves could one day rise up the economic ladder. But according to a study released Tuesday, those already in financially-stable circumstances should fear falling down a few rungs too. The study, by the Pew Charitable Trusts, found that nearly a third of Americans who [...]
The past decade has largely been one of erosion for the U.S. economy: jobs lost, homes foreclosed on, gains in equality erased. And according to a new report from Policy Matters Ohio, wages too have declined in no less than 10 states, once adjusted for inflation. “The first decade of the new millennium,” Executive Director of [...]
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