Sunday, October 09, 2005

MBNAs Sweet Severance


Word has it that the buyout, however, has not been offered to upper middle management and many many others -- including those in the IT division -- that being said, the fable that the MBNA sale will not cause jobloss in the first state is an utter farse. Hence -- The perils of the banking industry -- The stronghold of Northern Delaware's economic base. Not built on a solid foundation after all. And the sad part, it will all happen again and again -- as it does in the endless cycle of bank takeovers. From Delaware Trust, to Corestates, to First Union to Wachovia -- MBNAs employees are just the latest suckers to sup upon the lies of the banking lollypop. Besides, everyone knows that the media is where the money and security really is.

WILMINGTON, DEL. (Oct 8): MBNA employees who are not offered jobs with the Bank of America now know terms of a new severance package.

The credit card company has been the focus of a $35 billion takeover by Bank of America, of Charlotte, N.C. If approved by stockbrokers and regulatory agencies, the buyout is expected to be finalized by Jan. 2, 2006.

At that time -- and following restructuring -- some 6,000 employees of both companies are likely to become unemployed, according to estimates offered by both Bank of America and MBNA.

Now, according to the Delaware News Journal, MBNA employees -- from hourly employees to middle and upper management -- know the severance range that will be given anyone not offered a comparable position with Bank of America.

MBNA also operates call centers in Delaware, New Jersey, Georgia, Ohio, Canada, Ireland, England and Spain.


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