Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Market
Sallie Mae Plans To Split Into Two Companies
WASHINGTON (5/31/13)--Student-loan firm Sallie Mae, the largest U.S. private lender to students, announced Wednesday it intends to split itself into two companies--an education-loan management business and a consumer-banking operation.

In 2010, after the U.S ended a program that allowed institutions such as Sallie Mae to originate federally guaranteed student loans, the company realigned its business to concentrate on private originations (The Wall Street Journal May 29).

Salle Mae continues to manage a big portfolio of the federally guaranteed loans, called Federal Family Education Loan Program loans, which generate income and cash flow, the Journal said. 

Ninety-five percent of Sallie Mae's assets will be owned by its education-loan management business.

Sallie Mae also named Chief Operating Officer John F. Remondi as CEO of the education-loan management company, effective immediately. He succeeds CEO Albert L. Lord, who accelerated his retirement plans.

Remondi served as president and chief operating officer since 2011. Prior to that, he was vice chairman and chief financial officer.
RSS print
News Now LiveWire
Have #Bankziety about walking down the aisle? @mncreditunions has the cure. http://t.co/xBgtLY3d8r
6 minutes ago
"It's crucial you are here and tell your story" Cali #creditunion leaders were told at a league gov relations rally http://t.co/F4Pk2oVqTX
30 minutes ago
.@WOCCU's Brian Branch's visit to U.K.'s Pennine Community #CreditUnion makes @BurnleyExpress http://t.co/OEBcVbW4Cy
1 hours ago
#CreditUnions can still register for next week's National #CUYouthWeek. http://t.co/he5jlLNcdx
1 hours ago
.@NJCUL billboard @BankingYouTrust received more than 6,000 unique visits in the 1st quater http://t.co/XnJuqiCHUK
2 hours ago