MBNA Gone - What About Jobs?
Ted Griffith reports for the Wilmington News Journal on the job implications for Wilmington and Delaware from Bank of America's just closed acquisition of MBNA.
Charlotte, N.C.-based Bank of America has said it will eliminate 6,000 jobs nationwide in combining its credit card operation with MBNA's. Many Delawareans say they're fearful the state could be in for 3,000 or more job cuts, as well as a falloff in charitable giving and tax revenue.An announcement about job cuts could come this week, according to analysts who've followed Bank of America's previous acquisitions. "I suspect they are ready to pull the trigger," said John H. Boyd, a Princeton, N.J.-based consultant who advises companies on which offices to keep after mergers. "This is going to play out rather quickly."
Also included is a sidebar with a brief history of MBNA's growth.
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