Archive: Sallie Mae

Sallie Mae Plans To Return Jobs To U.S.

By Thomas Heath Sallie Mae announced today plans to move 2,000 overseas jobs back to the United States from locations in India and Phillipines. The jobs are projected to cost the Reston-based student lender about $35 million annually because of higher labor expenses. A few new jobs will be in...

By Dan Beyers | April 6, 2009; 09:14 AM ET | Comments (16)

Morning Brief: Automakers Set For DC Show

Automakers are revving up for a chance to get some face time with lawmakers in Washington this month at the 67th Washington Auto Show, reports staff writer Kendra Marr. In Detroit last month, Sen. Bob Corker (R-Tenn.) was the lone federal legislator to grace the show, setting off a...

By Alejandro Lazo | February 2, 2009; 08:46 AM ET | Comments (0)

Sallie Mae Cuts Executive Pay

"The best thing we can say about 2008 is it is behind us," Sallie Mae chief executive Albert Lord says in this memo to managers: To: All Management Incentive Program Participants From: Albert L. Lord Date: January 26, 2009 RE: 2008 Management Incentive Payouts That 2008 was a challenging year...

By Dan Beyers | January 26, 2009; 04:25 PM ET | Comments (0)

Morning Brief: Capital One Reports 4Q Loss

Capital One Financial ended 2008 in the red after a massive $1.42 billion loss in the fourth quarter. Its $46 million loss for the year was the first annual loss in the bank's history. The bank joined a growing chorus of banks in predicting that 2009 will be even...

By Alejandro Lazo | January 23, 2009; 08:48 AM ET | Comments (1)

Sallie Mae Raises $1.5 Billion for Private Loans

Reston-based Sallie Mae has secured $1.5 billion worth of financing from investment bank Goldman Sachs for a batch of private student loans, a sign that credit for the frozen student loan markets may be beginning to thaw. The deal is the first transaction to provide funding for the private student...

By Alejandro Lazo | January 8, 2009; 05:17 PM ET | Comments (1)

Morning Briefing: Sallie Chairman Accepts Pay Cut

Anthony P. Terracciano, chairman of Sallie Mae, will take a yearly pay cut and delay some of his stock awards as the company weathers a rough time for the student lending business. Anthony P. Terracciano, chairman of Sallie Mae, will take a pay cut. (Via Bloomberg News) The student...

By Alejandro Lazo | November 4, 2008; 07:52 AM ET | Comments (0)

Sallie Mae Cuts 1,000 Jobs; Posts Quarterly Loss

By David Hilzenrath Sallie Mae, the nation's largest student loan company, has eliminated about 1,000 jobs over the past six months representing about 9 percent of its workforce, the company said yesterday. The layoffs are part of Sallie Mae's continuing effort to cope with cuts in federal subsidies, the collapse...

By Dan Beyers | April 16, 2008; 07:30 PM ET | Comments (0)

Sallie Mae Taps Banking Veteran as Its New Chairman

From the Associated Press: Sallie Mae, the nation's largest student lender, on Monday named veteran banking industry executive Anthony P. Terracciano chairman of its board. Former Sallie Mae Chairman Albert L. Lord, who held that title for three weeks, has been appointed vice chairman and will remain chief executive officer...

By Mike Shepard | January 7, 2008; 01:32 PM ET | Comments (0)

Holiday Week Update: Sallie Mae's Roller Coaster Ride

It has been a rough week for Sallie Mae, the nation's largest student lender, and it hasn't been that great for people trying to travel. Shoppers, however, have been lured back to the malls with the promise of discounts for all those gift cards. * * * Sallie Mae said...

By Mike Shepard | December 28, 2007; 01:39 AM ET | Comments (0)

Holiday Week Update: Sallie Mae's Roller Coaster Ride

It has been a rough week for Sallie Mae, the nation's largest student lender, and it hasn't been that great for people trying to travel. Shoppers, however, have been lured back to the malls with the promise of discounts for all those gift cards. * * * Sallie Mae said...

By Mike Shepard | December 28, 2007; 01:39 AM ET | Comments (0)

A Student Lender Walked Into A Bar....

The WSJ (subscription required) gives a glimpse today of one of the characters in Sallie Mae's high-profile court fight to force its one-time buyers either to follow through with their $25 billion deal or pay a $900 million breakup fee. "Presiding over a hearing Monday was Delaware Vice Chancellor Leo...

By Dan Beyers | October 24, 2007; 07:56 AM ET | Comments (0)

Firm Seeks to Escape Breakup Fee in Sallie Mae Deal

From the Associated Press The investor group that seeks to walk way from a $25 billion buyout of student lender Sallie Mae told a Delaware court on Monday that it should not have to pay the $900 million breakup fee stipulated in the agreement. The legal maneuver by the investor...

By Mike Shepard | October 15, 2007; 11:38 AM ET | Comments (0)

Sallie Mae Slips to a Third Quarter Loss

From Associated Press Sallie Mae, the Reston- based student lender whose buyout is imperiled, today said it swung to a third-quarter loss of $344 million, due in part to trading losses and the impact of recent student loan legislation. Sallie Mae's quarterly loss, equivalent to 85 cents a share, compared...

By Mike Shepard | October 11, 2007; 01:20 PM ET | Comments (1)

Update: Sallie Mae Responds to New Buyout Offer

From the Associated Press After a group of investors reduced its cash offer for Sallie Mae by 17 percent on Tuesday, the nation's largest student lender insisted that the buyers honor their original $25 billion deal. See Sallie Mae's statement. The investor group, which is led by private equity firm...

By Mike Shepard | October 2, 2007; 04:50 PM ET | Comments (0)

Deal Or No Deal At Sallie Mae

The NY Times reports that there's a lot of buyer remorse apparently going on over the deal to take Sallie Mae private. Lots of people close to the deal tell the paper "the buyers -- the private equity firms J. C. Flowers & Company and Friedman Fleischer & Lowe, as...

By Dan Beyers | September 20, 2007; 07:50 AM ET | Comments (0)

Sallie Chairman Exercises Stock Options

Staff writer David Hilzenrath reports that Albert L. Lord last week exercised 1.7 million stock options that were due to expire yesterday, at exercise prices of $18.33 to $26.62 per share. Lord used about 1.1 million of the options to pay taxes or exercise costs related to the trades, according...

By Dan Beyers | August 14, 2007; 06:43 AM ET | Comments (1)

Sallie Mae Profit Up 33 Percent

Student loan provider Sallie Mae said today its second quarter profit rose 33 percent, to $966 million from $724 million in the comparable period last year. Interest income rose 34 percent, to $2.1 billion, the Reston-based company, formally known as SLM Corp. said in a statement. The company's core earnings,...

By Mike Shepard | July 17, 2007; 11:09 AM ET | Comments (0)

Is Sallie Deal In Jeopardy?

From the Associated Press: NEW YORK -- A planned $25 billion buyout of the nation's largest student loan lender, Sallie Mae, could fail because of legislation pending in Congress, the potential buyers have said. SLM Corp., more commonly know as Sallie Mae, said in a statement Wednesday that it disagreed...

By Dan Beyers | July 11, 2007; 03:28 PM ET | Comments (1)

WSJ: Sallie Mae Waits In The Wings As Debt Issues Soar

The WSJ , in its stock market quarterly review, has a story (subscription required) recapping the recent surge in buyout-financing, which it says "helped send the volume of new stock-and-bond issues up 16% to $2.26 trillion in the quarter, compared with $1.94 trillion in the second quarter of 2006, according...

By Dan Beyers | July 2, 2007; 07:53 AM ET | Comments (0)

 
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