MBNA gone, but what about jobs? (6000+ to be announced this week) [View All]

[UpInArms]

http://www.delawareonline.com/apps/pbcs.dll/article?AID=/20060101/NEWS/601010334/1006

The moment Delaware has been bracing for has arrived: Bank of America is scheduled today to complete its purchase of MBNA Corp., the state's largest private employer and a force for economic growth for more than two decades.

The buyout, and its effect on employment, has been a leading topic of conversation in Delaware since Bank of America announced its plan June 30. But even as the closing date for the acquisition arrived, the crucial question of how many jobs will be lost in the state remains unanswered. Company executives have not disclosed how many positions they plan to eliminate in Delaware, home to about 10,500 MBNA and 1,300 Bank of America workers.

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.

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"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."

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Henry Beckler, a Greenville resident and veteran of the state's financial services industry, said confidence in the state's economic outlook has been shaken by fears over layoffs and MBNA's vast real estate holdings. Beckler said homes in wealthy Greenville, long an enclave for MBNA's top executives, are already going up for sale.

...much more...

(edited title cuz I kant spull)

Happy New Year from the BFEE :(