Bank of America Completes Acquisition of MBNA
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Bank of America Completes Acquisition of MBNA With the acquisition of MBNA Corp. completed yesterday, Bank of America rang in the new year as the United States’ largest credit card issuer in terms of balances. The company claims to now have 40 million active accounts and approximately $140 billion in credit card balances. While the combining of Bank of America and MBNA creates a company that holds about a 20 percent share of the credit card market, it will also result in the loss of about 6,000 jobs between the two companies, as Bank of America looks to cut costs by $850 million a year.
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