Profits Sag, So MBNA Reinvents Itself
Ted Griffith reports for Delaware Online about MBNA's new business strategies.
Faced with a slowdown in the U.S. credit card business, CEO Bruce L. Hammonds is leading a dramatic overhaul at MBNA Corp. that's included pushing new loan products, entering new markets and making big cost cuts.For Delaware, the stakes are high as the 23-year-old Wilmington-based bank seeks to reinvent itself. MBNA employs about 10,400 people in the state, more than any other business and second only to state government. The success of MBNA's new initiatives could have big implications for Delaware's banking sector and the overall state economy.
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