Well, they denied it despite the numerous rumors that Wachovia was going to buy them. But the rumors were at least half true: MBNA has been bought by Bank of America for $35.1B.

I can’t say that I’m surprised – the bank has been ripe for a merger or takeover for quite a while. The fact that they are going to do another job cut after their much-publicized severance package deal earlier this year is not going to sit well with those still around. It’s a shame because many people stayed thinking that they would be protected – I hope that they still are.

As for me, I’m hoping to enjoy a bounce-back in my stock after the fall it took in April. Unfortunately, the people who are going to benefit from this most are also the same people who have put the company in this position in the first place – the new executive management. As usual, the little guys are going to get hurt.

I have liked the way that B of A does business, though – maybe this will end up being a good thing for those who remain, and for cardholders who have chafed at MBNA’s recent strategies. Stay tuned…

Be sure to check out »


Leave a Reply