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BUSINESS
April 21, 2000
* SLM Holding Corp., better known as Sallie Mae, said it will cut 300 jobs as rising interest rates squeeze profit. The largest buyer of U.S. student loans will cut jobs through layoffs and attrition at its Reston, Va., headquarters and in Braintree, Mass., by the end of the second quarter. The company had 3,753 employees as of Dec. 31.
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BUSINESS
September 1, 2000 | Reuters
Sallie Mae, which provides funds for federally guaranteed student loans, said it would cut 1,700 jobs, or about 25% of its work force, in a move to consolidate operations after its acquisition of USA Group's student loan operations last month. Sallie Mae's parent company, SLM Holding Corp., renamed itself USA Education Inc. in connection with the $770-million acquisition, which added about $6 billion to its managed student loan portfolio. The Reston, Va.
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BUSINESS
April 21, 2000
* SLM Holding Corp., better known as Sallie Mae, said it will cut 300 jobs as rising interest rates squeeze profit. The largest buyer of U.S. student loans will cut jobs through layoffs and attrition at its Reston, Va., headquarters and in Braintree, Mass., by the end of the second quarter. The company had 3,753 employees as of Dec. 31.
BUSINESS
September 1, 2000 | Reuters
Sallie Mae, which provides funds for federally guaranteed student loans, said it would cut 1,700 jobs, or about 25% of its work force, in a move to consolidate operations after its acquisition of USA Group's student loan operations last month. Sallie Mae's parent company, SLM Holding Corp., renamed itself USA Education Inc. in connection with the $770-million acquisition, which added about $6 billion to its managed student loan portfolio. The Reston, Va.
BUSINESS
September 29, 1999 | Reuters
The Student Loan Marketing Assn. said it will begin offering its customers an array of insurance plans next month, in a partnership with Answer Financial Inc.'s licensed insurance agency. The joint venture with Los Angeles-based Answer Financial is the first of its kind for Reston, Va.-based Sallie Mae, a unit of SLM Holding Corp.
BUSINESS
June 24, 1998 | Bloomberg News
Some investors Tuesday found another justification for paying stratospheric prices for Internet-related stocks: rumors that some of the best-known Internet issues would be added to the blue-chip Standard & Poor's-500 stock index. That speculation helped push Internet search vehicle Yahoo Inc. up $8.50 to a record $148.06 and America Online up $5.13 to a record $106.25.
BUSINESS
April 10, 1998 | From Bloomberg News
Fannie Mae, the nation's largest mortgage finance company, said Thursday that its first-quarter earnings rose 12%, buoyed by a wave of homeowner refinancing. Separately, SLM Holding Corp., better known as Sallie Mae, the financier of 1 in 3 U.S. student loans, said that first-quarter core earnings rose 17%, as its sales of loans packaged as securities grew. Fannie Mae posted earnings of $824.2 million, or 77 cents a diluted share, matching analysts' forecasts, compared with $734.
BUSINESS
April 17, 1998 | Bloomberg News
Sallie Mae, the nation's largest education financier, rejected a proposal that the company provide as much as $1 billion of emergency college loans if lenders aren't able to meet students' demand. It's the latest action in a months-long battle over whether the federal government should cut the interest rates that students pay on federally guaranteed college loans. Lenders threaten that if their ability to make profits on them is crimped, they'll stop making some types of student loans.
BUSINESS
October 14, 1999 | From Times Wire Services
Bear Stearns Cos. on Wednesday said profit more than doubled in its fiscal first quarter from depressed levels a year ago, but the results failed to meet analysts' estimates, sending the securities firm's shares down 9%. Net income jumped to $157.9 million, or $1 a share, from $64.1 million, or 38 cents, a year earlier, when global financial market turbulence battered profits at most Wall Street firms. The results fell 13% short of Wall Street estimates of $1.
BUSINESS
April 14, 2000 | From Reuters
General Electric Co., the diversified conglomerate whose businesses range from lightbulbs to broadcasting, said Thursday that its first-quarter profit rose 20%, driven by an increasing focus on product services and "e-business" initiatives, surpassing Wall Street forecasts. GE said earnings increased to $2.59 billion, or 78 cents a share, from the year-earlier $2.16 billion, or 65 cents.
BUSINESS
October 13, 1998 | From Times Wire Services
Chrysler Corp. is heading into next month's planned merger with German auto maker Daimler-Benz richer and more profitable than even Wall Street's optimists expected. Chrysler said its profit jumped a surprising 46% in the third quarter and entered its final weeks as an independent U.S. company with a $9.6-billion cash reserve, which should ease any fears across the Atlantic about its financial strength. The No. 3 U.S. auto maker said its net income rose to $682 million, or $1.
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