Bank of America Now Owns MBNA

Bank of America Corp completed its acquisition of MBNA Corp in a deal worth about $US34.2 billion, the second-largest US bank said.

Bank of America now has 40 million active credit card accounts on its ledger, making it one of the leading worldwide payments-services companies and issuers of credit, debit and prepaid cards based on total purchase volume.

Bank of America said today it expects to record $1.3 billion in "restructuring'' costs. The bank said when the deal was announced June 30 it would cut $850 million in annual combined costs by the end of 2007, in part by slashing 6,000 jobs.

And so, what will be the future of MBNA facilities and jobs in the Cleveland area?