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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
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
January 16, 2002 | Bloomberg News
USA Education Inc., commonly known as Sallie Mae, agreed to buy closely held General Revenue Corp. to gain the largest U.S. collection agency focusing on student-loan delinquencies. Terms weren't disclosed. Sallie Mae, the biggest buyer of U.S. government-guaranteed student loans, would gain about 800 clients, 730 of which are institutions of higher education. Cincinnati-based General Revenue has about 450 employees. Reston, Va.
BUSINESS
April 4, 2001 | From Times Staff and Wire Reports
Here's a news flash: Technology stocks no longer dominate the U.S. stock market. The 65% plunge in the computer and telecommunications stocks that Standard & Poor's classifies as technology companies has knocked the industry group from its perch as the largest of the 11 industry sectors in the benchmark S&P 500 index--a rank it has held since December 1998.
BUSINESS
January 19, 2001 | From Reuters and Bloomberg News
Sears, Roebuck & Co. said Thursday that slow holiday sales contributed to a 14% decrease in fourth-quarter earnings and warned of lower results in the first quarter as well, as a cooling U.S. economy saps retail sales. Sears, the second-largest U.S. retailer behind Wal-Mart Stores Inc., said operating profit fell to $639 million, or $1.91 cents a share, in the quarter ended Dec. 30, from $740 million, or $1.98 cents, in the year-earlier period. The performance topped analyst forecasts of $1.
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