A second private equity consortium this week has invoked a "get-out" clause to minimise break fees after cancelling its $25bn (€18bn) takeover of Sallie Mae, in a move welcomed by bankers.

The consortium, led by buyout house JC Flowers and including JP Morgan Chase and Bank of America, agreed to pay $60 per share for the US loan provider, but yesterday backed out of the deal, citing changes in market conditions.