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MBNA Mortgage Jobs Cut

MBNA Mortgage Jobs Cut

362 layoffs this summer in Ohio, Delaware

April 12, 2006

By COCO SALAZAR

photo of Coco Salazar
The integration of MBNA Corp. into Bank of America will cost hundreds of mortgage employees their jobs this summer.

BoA will begin transitioning MBNA Home Finance’s two centers in early June, BoA spokeswoman Julie Davis told MortgageDaily.com.

The process will first eliminate 128 jobs through July at the office in Newark, Dela. Subsequently, through August or September, 234 employees in the Beachwood, Ohio, center will be out of their jobs, she added.

However, “until we actually start doing the transition, we won’t know how many might find other jobs within the company” and how many employees will receive severance, Davis said.

The 362 positions awaiting impact are not related to MBNA’s decision to exit the business processing outsourcing market through the closing of unit Nexstar Financial, which handled origination and servicing mortgages for third parties, according to the spokeswoman.

Davis said Nexstar’s technology platform and technology associates will be retained, but she could not yet confirm the number of employees that will be affected by this transition.

Overall, the merger with MBNA, whose staff is made up of mostly credit card employees, will result in about 6,000 layoffs, Davis stated in a previous interview.

RELATED:

Merger Related Layoffs at MBNA
Bank of America’s acquisition of MBNA will likely result in thousands of layoffs, and some of the jobs being cut are mortgage-related.


Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.e-mail: MortgageWriter@aol.com

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