a day ago
- Business
- 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.
