STANTON, Del. — Delaware-based student loan provider Sallie Mae says the $2.16 million taxpayer grant it has requested from the state will be used to hire Barclays and HSBC workers who will soon be laid off.

The News Journal of Wilmington reports Sallie Mae executive Larry Zepp made his pitch for state funds Monday at a meeting of the Council on Development Finance, a public group that determines whether Delaware should approve corporate incentive packages.

Sallie Mae has requested $2.16 million to hire 285 of the 600 employees laid off by the two financial service companies. HSBC Bank USA announced 400 layoffs in May, while Barclays announced 200 layoffs in April.

The taxpayer grant would be used by Sallie Mae to offset the salaries of the new employees.

The council will vote on the request Aug. 28.


Information from: The News Journal of Wilmington, Del., http://www.delawareonline.com

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