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.
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