Navient plans to lay off up to 128 workers out of its Fishers corporate office
Though many of the affected employees are remote, Navient said, they may be considered workers at its Fishers office at 11100 USA Parkway, triggering a layoff notice under WARN. Roughly two-thirds of the 128 affected employees live in Indiana, with the remainder residing in other states and reporting to management in Indiana, a Navient spokesperson said.
The layoffs are a result of Navient's strategic transformation announced in January 2024, the spokesperson said.
The first layoffs are expected to occur in early October, the company said in the notice to the state's Department of Workforce Development, with additional rounds happening in January, March, May and June. Navient expects all the terminations to be complete by mid-June and categorized the layoffs as permanent. The employees are not represented by a union.
"We recognize the impact these difficult decisions have on employees and will provide severance benefits and resources to assist them during their transition," a Navient spokesperson said in a statement to IndyStar on August 19.
Navient, headquartered in Wilmington, Delaware, spun off from student loans provider Sallie Mae in 2014 to become an independent publicly traded company. After accusations of account mismanagement, Navient reached a settlement with the Consumer Financial Protection Bureau in September 2024 to stop servicing federal student loans.
The Fishers office is one of five corporate branches Navient operates out of across the country.
Under the Workers Adjustment and Retraining Act, employers must provide at least 60 days notice when closing a facility or undertaking mass layoffs. Companies are not required to give a reason for layoffs in the disclosure.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indianapolis Star
18 hours ago
- Indianapolis Star
Navient plans to lay off up to 128 workers out of its Fishers corporate office
Navient Solutions LLC will lay off up to 128 employees between October and June at the company's Fishers location, according to a WARN notice filed by the financial services provider on August 4. Though many of the affected employees are remote, Navient said, they may be considered workers at its Fishers office at 11100 USA Parkway, triggering a layoff notice under WARN. Roughly two-thirds of the 128 affected employees live in Indiana, with the remainder residing in other states and reporting to management in Indiana, a Navient spokesperson said. The layoffs are a result of Navient's strategic transformation announced in January 2024, the spokesperson said. The first layoffs are expected to occur in early October, the company said in the notice to the state's Department of Workforce Development, with additional rounds happening in January, March, May and June. Navient expects all the terminations to be complete by mid-June and categorized the layoffs as permanent. The employees are not represented by a union. "We recognize the impact these difficult decisions have on employees and will provide severance benefits and resources to assist them during their transition," a Navient spokesperson said in a statement to IndyStar on August 19. Navient, headquartered in Wilmington, Delaware, spun off from student loans provider Sallie Mae in 2014 to become an independent publicly traded company. After accusations of account mismanagement, Navient reached a settlement with the Consumer Financial Protection Bureau in September 2024 to stop servicing federal student loans. The Fishers office is one of five corporate branches Navient operates out of across the country. Under the Workers Adjustment and Retraining Act, employers must provide at least 60 days notice when closing a facility or undertaking mass layoffs. Companies are not required to give a reason for layoffs in the disclosure.
Yahoo
20 hours ago
- Yahoo
Healthcare company operating in Alabama plans to lay off 52
A healthcare company will be laying off a chunk of its staff next month, leaving a little more than 50 Alabamians out of work. Crothall Healthcare provides healthcare support services, mainly in the form of patient sitting, clinical engineering, healthcare facilities management, patient transportation, sterile processing and more. It operates nationally, including in Montgomery. According to the Alabama Department of Commerce, the company will lay off 52 of its employees in Montgomery. The WARN notice, as documented on the Alabama Department of Commerce site, was filed on Aug. 11, which is only 50 days before the layoff goes into effect on Sept. 30. The WARN act, a federal law passed in 1988, requires companies to notify workers in writing before mass layoffs. Specifically, companies with over 100 employees are required to provide a 60-day notice of significant layoffs or plant closings to allow workers to properly accommodate for the loss of work. Crothall Healthcare has not responded to requests for comment, leaving the situation behind the layoff unclear, including why the layoff is happening, what opportunities exist for employees affected by the layoffs and the circumstances behind the WARN notice filing. Sarah Clifton covers business for the Montgomery Advertiser. You can reach her at sclifton@ or follow her on X @sarahgclifton. To support her work, please subscribe to the Montgomery Advertiser. This article originally appeared on Montgomery Advertiser: Healthcare company to lay off dozens in AL: What we know Solve the daily Crossword
Newsweek
a day ago
- Newsweek
John Deere Announces Hundreds of Layoffs
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Legacy tractor maker John Deere has announced layoffs at three Midwestern facilities as the company grapples with declining sales and the effects of tariffs on its bottom line. "The struggling ag economy continues to impact orders for John Deere equipment," the company said in a media statement regarding the layoffs. "This is a challenging time for many farmers, growers and producers, and directly impacts our business in the near term." Newsweek has contacted John Deere for further comment via email. Why It Matters While the full implications of tariffs on the U.S. economy are still being established by economists and lawmakers, representatives of the agricultural sector have warned that the new duties could increase their costs and threaten footholds in key export markets. As John Deere, whose products are primarily aimed at farmers, said in its announcement, difficulties in the agricultural sector will continue to ripple through its operations and finances. What To Know The layoffs were first disclosed in a series of Worker Adjustment and Retraining Notification (WARN) notices that were later proved to be erroneous. However, John Deere later confirmed that there would be layoffs affecting 238 workers across three factories: Harvester Works in East Moline, Illinois: 115 workers. Last day of work August 29. Seeding and Cylinder in Moline, Illinois: 52 workers. Last day of work September 26. Foundry in Waterloo, Iowa: 71 workers. Last day of work September 19. John Deere said the workforce reductions were due to "decreased demand and lower order volumes." On Friday, the company released its third-quarter results, which showed a 26 percent year-over-year drop in net income to $1.3 billion and a 9 percent decline in net sales and revenues to $12 billion. In a subsequent earnings call, the company attributed many of these difficulties to lower commodity prices and the effects of tariffs. John Deere lawn tractors sit on display outside a Home Depot in Robinson Township, Pennsylvania, on April 11. John Deere lawn tractors sit on display outside a Home Depot in Robinson Township, Pennsylvania, on April 11. Gene J. Puskar/AP Photo "Tariff costs in the quarter were approximately $200 million, which brings us to roughly $300 million in tariff expense year to date based on tariff rates in effect as of today," said Director of Investor Relations Josh Beale. Beale added that John Deere's forecast for the pretax effect of tariffs in the current fiscal year was now "nearly $600 million." This compares to a previous forecast of $500 million. Beale said the "primary drivers" of this increased estimate were increased tariff rates on the European Union and India, as well as the tariffs on steel and aluminum imports that the Trump administration increased to 50 percent on June 4. U.S.-based competitors AGCO and CNH Industrial likewise saw sales weaken during the period, both also pointing to muted industry demand and the effect of tariffs. However, these effects have not proved to be economy-wide. According to recent analysis by Goldman Sachs strategists, cited in Bloomberg, aggregate second-quarter earnings per share for companies in the S&P 500 are up 11 percent from 2024, surpassing expectations of a 4 percent gain. John Deere has unveiled plans that could mitigate some of the tariffs' effects. Earlier this year, the company announced that it would invest $20 billion into its domestic manufacturing capabilities over the next decade. What People Are Saying Josh Beale, the director of investor relations at John Deere, said: "Recent ag policy legislation has been positive and potential developments in trade agreements and demand for renewable fuels could also be supportive. However, until there's more stability in the industry, we'd expect customers to continue to take a measured approach to capital investment." The White House, reacting to the Goldman Sachs report on S&P 500 earnings, said: "Under President Donald J. Trump's bold pro-growth policies, American businesses are thriving like never before—shattering earnings forecasts and propelling the stock market to continued record highs." CFRA Research analyst Jonathan Sakraida, quoted in Reuters, said: "Tariff uncertainty and deflated commodity prices have made farmers increasingly cautious in spending decisions and more hesitant to accept higher machinery prices." What Happens Next John Deere said employees affected by the layoffs were eligible to be recalled to their home factories and would be entitled to receive employment and health care benefits depending on their length of employment.
