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Student loan company Sallie Mae to transfer 2,000 overseas jobs back to U.S.
2009-04-06 21:20:39 (GMT) (Caymanmama.com - Business Education News News)
Sallie Mae will generate an increased amount of jobs into the U.S. economy after putting into action their plans to transfer its overseas operations back to America, creating 2,000 domestic jobs.
Denver, Colorado (CaymanMama.com) – Student loan company Sallie Mae will generate an increased amount of jobs into the U.S. economy after putting into action their plans to transfer its overseas operations back to America, creating 2,000 domestic jobs.
Analysts call this move an attempt to get in good with the Obama administration and “a bid to build political capital in Washington as the Obama administration plots major changes to the student loan market.”
That may not be such a bad idea since the administration previously proposed a 2010 budget that could impair Sallie Mae’s business by moving all federal student loans into a program administered by the Department of Education.
SLM Corp, as the company is legally known, announced Monday it plans to hire new staff over the next 18 months in their call centers, information technology and operations support across the nation.
Michael Taiano, analyst at Sandler O’Neill & Partners in New York, said of Sallie Mae’s plan, “Will it help them overturn Obama’s budget proposal? I don’t think so. It probably doesn’t hurt to build up political capital, and bringing jobs back to the U.S. certainly does that.”
Albert Lord, Sallie Mae chief executive, said in a statement, “The current economic environment has caused our communities to struggle with job losses. They need jobs, and we will put 2,000 of them into U.S. facilities as soon as we possibly can.”
There is no released information yet as to which overseas operations will be shut down.
Sallie Mae employs more than 8,000 workers in the United States and has repeatedly struggled during the credit crunch to finance student loans.
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