Sallie Mae Brings 2,000 Outsourced Jobs Back to the U.S.
April 6, 2009
Suzanne Heibel--HispanicBusiness.com
|
|
|
|
Sallie Mae, the nation's number one student loan provider, announced on April 6 that it will bring 2,000 outsourced jobs back into the United States, including those in information technology, call centers, and loan servicing. Albert Lord, CEO of Sallie Mae, said in an interview with CNBC Monday morning that it was simply "the right thing to do," and that as the unemployment rate hits a new 25-year high, Sallie Mae is doing its part to aid out of work Americans as much as possible.
"The communities that we operate in the United States are suffering with unemployment rates, and we're able to bring these jobs back [to the U.S.] so we're going to do it," said Lord on CNBC.
Sallie Mae employs a total of 8,000 people, meaning the switch from foreign to local employment will increase the company's U.S. employment levels by a third. Sallie Mae, which is the largest private student lending company in the U.S., manages a staggering $180 billion in student loans, $17.5 billion in college savings plans, and provides for 10 million student and parent customers.
According to the CEO, the 2,000 open job slots will be filled by American employees within the next 12-18 months in the company's 20 nationwide centers and will cost the company roughly $35 million.
Despite the hefty expenditure, Lord believes that the switch is worth the price. "I can only tell other CEOs that bringing them back feels a lot better than sending them away."
Although in the last year Sallie Mae has seen its shares drop by more than 70 percent and over the last five years has seen a 87.5 percent decrease, the company's stock (NYSE: SLM) has risen by more than 65 percent during the past month. The announcement by Lord on April 6 to increase U.S. jobs also triggered a modest jump in share prices.
Source: HispanicBusiness.com (c) 2009. All rights reserved.
|
