As U.S. Credit-Card Business Flags, MBNA Revamps Itself

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00000842-as-us-credit-card-business-flags-mbna-rev/

Faced with a slowdown in the U.S. credit-card business, 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.

Industry analysts say MBNA has no choice but to shake up its business; the U.S. credit-card market can no longer deliver the profit growth to which the bank and its investors are accustomed.

“MBNA rode a gravy train for many years, but now things have slowed down and MBNA has to make adjustments,” said Robert McKinley, president of CardWeb.com Inc., a Frederick, Md.-based credit-card market-research firm.

For this complete story, please visit As U.S. Credit-Card Business Flags, MBNA Revamps Itself.

As U.S. Credit-Card Business Flags, MBNA Revamps Itself

Unknown Author

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