Economic Development Futures Journal

Friday, July 01, 2005

counter statistics

MBNA's Future in Greater Cleveland

According to the Cleveland Plain Dealer, the Bank of America is poised to acquire MBNA in a $35 billion cash and stock deal. 6,000 jobs are on the chopping block worldwide, creating uncertainty for the roughly 2,500 employees in Beachwood, Ohio (a Cleveland suburb). This information was drawn from a July 1st newspaper article.

My question is this: "Did Cleveland area economic development organizations have any prior notice that this deal was in the making? Click here to read a June 23rd story in Reuters that said: "Some market observers have speculated that MBNA might be a takeover target." And here is a June 2 article (free registration required) that speculates about an MBNA acquisition.

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