NelNet to Layoff 400
Friday, September 07, 2007 1:30:00 PM ET
NEW YORK, September 7 (newratings.com) - Nelnet Inc (NNI.NYS) Friday announced that it will cut a total of 400 jobs as part of its cost cutting measures.
The student loan company said that the cuts represent 12% of its current employee strength of 3300. The company said that it expects to save operating expenses of $25 million-$35 million annually from next year. The company also mentioned that a bill that has been proposed for becoming a law will lead to additional charges of $22-$27 million for the company for write offs. Nelnet expects to close the layoff process by the fourth quarter and has guided to charges of $12-$14 million associated with it.
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