Wells Fargo, Amazon End Student-Loan Partnership
August 31 2016 - 6:49PM
Dow Jones News
By AnnaMaria Andriotis
That was quick. A partnership between Amazon.com and Wells Fargo
& Co.'s private student lending department has come to an end
about six weeks after it was announced.
Spokeswomen for both companies confirmed that the partnership,
which was more than a year in the making, has come to an end. The
dissolution was first reported by Bloomberg.
In July, The Wall Street Journal reported that Wells Fargo would
offer interest-rate discounts to Amazon Prime Student shoppers, an
arrangement that had been in discussions for more than a year. The
discount could be used as a way to boost Wells Fargo private
student loan applicants -- a potential boon for the bank in a
lending market that has become increasingly competitive -- and
Amazon Prime Student members.
In discussing the arrangement in July, John Rasmussen, head of
the personal lending group at Wells Fargo that oversees the bank's
private student lending, said it was a multiyear partnership. He
said the two companies weren't compensating each other.
Write to AnnaMaria Andriotis at annamaria.andriotis@wsj.com
(END) Dow Jones Newswires
August 31, 2016 18:34 ET (22:34 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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