In a move to help it pay off bad bets on derivatives,
About $2 billion of the proceeds will be used to pay off derivatives known as equity forward contracts, said Sallie Mae, formally known as the SLM Corporation.
The company used equity forwards for years as part of its share buyback plan, allowing it to reduce the cost of buying back shares as long as its stock price continued to rise. Stock prices fell and Sallie Mae was forced to buy back a large number of shares at above-market prices.
Last week, Sallie Mae's closing share price was $19.65.
-
The CFP Board promised to enhance its review processes after an investigation found major shortcomings. A new analysis of CFP data found that the problem has only gotten worse.
4h ago -
Terri Kallsen will precede him next year as chair of the Board of Directors; Seay will take over that role in 2027.
July 16 -
The popular industry recruiting and retention barometer provided another window into the challenges facing LPL Financial with its latest major acquisition.
July 16 -
The Wall Street powerhouse has built its wealth division in large part through big deals but is not "looking to make acquisitions just for the sake of it, " said CEO Ted Pick.
July 16 -
The Treasury Department and the IRS will need to roll out guidance to explain the bill's newer provisions and how they differ from earlier tax legislation.
July 16 -
But the Bank of America subsidiaries nonetheless reported rises in AUM and net revenue in the second quarter while adding thousands of new client relationships.
July 16