Belfast Telegraph

Fears for 1,000 credit card jobs

Fears are growing for 1,000 jobs after Bank of America revealed it plans to pull out of its credit card operations in Ireland and the UK.

The company owns MBNA in Ireland, which is one of the largest employers in Carrick-on-Shannon.

Jobs minister Richard Bruton said he has been in contact with officials at the bank to discuss the implications for the credit card facility in Co Leitrim.

"I have also spoken to the IDA and asked them to work closely with the company with a view to assisting them finding a buyer for the business as a going concern," he said.

Bank of America revealed earlier it has agreed to sell its credit card business in Canada and Spain.

The company said it also intends to sell its UK and Ireland card businesses - which have 19 billion US dollars in credit card loans and more than 4,000 employees - but could not guarantee it.

Hundreds of jobs at two MBNA sites in Dublin will not be affected by the announcement, it was confirmed.

Mr Bruton said the IDA will now market the business through its Global Network, which to date has had successes in finding buyers in a number of sectors throughout the country.

Bank of America chief executive Brian Moynihan said the company is being transformed to deliver the franchise to core customer groups.

"While the credit card remains a fundamental core product for our US customers, an international consumer card business under another brand is not consistent with that strategy," he said.


From Belfast Telegraph