MBNA to Take $785 mln Charge; Close Call Centers

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

Written by: Unknown Author –

http://www.insidearm.com/news/00008244-mbna-to-take-785-mln-charge-close-call-ce/

MBNA Corp., one of the largest U.S. credit card issuers, on Wednesday said it will take a $785 million pretax charge for job cuts, call center closures and contract terminations and eliminated 1,000 management jobs as industry growth slows.

The charge is bigger than expected and relates to a restructuring that Wilmington, Delaware-based MBNA announced in January.

About $500 million relates to a voluntary early retirement and severance program.

Another $170 million relates to contract terminations, including a marketing agreement with an unnamed third-party vendor. The remaining $115 million is mainly to close three call centers in Aliso Viejo, California; Rockland, Maine and Dover, New Hampshire.

For this complete story, please visit MBNA to Take $785 mln Charge; Close Call Centers.

MBNA to Take $785 mln Charge; Close Call Centers

Unknown Author

Featured Resources

Webinars

RA Compliance Corner: Managing Your Service Providers- Do you really have it all in order?

About