Sallie Mae opts out of Indian offshoring plans

Started by dwarakesh, Apr 08, 2009, 09:17 AM

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dwarakesh

 In yet another instance of backlash on outsourcing, student loan provider firm Sallie Mae, the biggest in the US, has announced plans to roll back about 2000 jobs from its offshore facilities in India to the US over the next 18 months.

The company has centers in Pune, Banaglore and the Philippines that offer loan origination, servicing and collection services.

Sallie Mae manages about $180 billion in education loans through its subsidiaries and serves 10 million customers says a report in the Economic Times.

"For 37 years, we have been dedicated to helping America's students enhance their lives through an investment in higher education," the paper quoted Albert Lord, chief executive of Sallie Mae. "The current economic environment has caused our communities to struggle with job losses. They need jobs, and we will put 2,000 of them into US facilities as soon as we possibly can."

The US department of labor said that the unemployment rate during December 2008 rose from around 6.8-7.2% with almost 2 million workers losing their jobs between September and December.

source: bpowatchindia