No, not relaxed payment terms, reduced interest rates, or debt forgiveness. What do you think this is? Instead, Sallie Mae is returning 2,000 overseas jobs to the United States.Those jobs were transferred overseas just one year ago, making this yet another example of managerial incompetence: reorganizing for long-term savings, laying people off, recruiting new people and then undoing the whole thing a year later.
"The current economic environment has caused our communities to struggle with job losses," CEO Albert Lord said. "They need jobs, and we will put 2,000 of them into U.S. facilities as soon as we possibly can."
Sallie will be hiring call center, information technology and operations support workers over the next 18 months. The company's headquarters are in Reston, VA but it has operations everywhere formerly naive college students have gotten themselves in over their heads.
Some well-meaning pundits and politicians are hailing this move as "patriotic" but here's what would be more patriotic: Continue to outsource operations that can be cost-effectively outsourced and pass the savings on to borrowers in the form of lower interest rates. It isn't really Albert Lord or Sallie Mae that's providing jobs to people: It's those hapless college graduates.