Another department down the drain?

[corp_da20_guy]

Bank of America Closes on Deal for MBNA

By NATALIE GOTT, Associated Press Writer

RALEIGH, N.C. - Bank of America Corp. completed its acquisition of MBNA Corp. on Sunday in a deal worth about $34.2 billion, the nation's second-largest 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.
MBNA is the leader in so-called affinity marketing with its relationships with organizations ranging from the National Football League to L.L. Bean and hundreds of medical organizations.
Under terms of the agreement announced June 30, shareholders of Wilmington, Del.-based MBNA will receive 0.5009 common shares of Bank of America plus $4.125 in cash for each of their shares.
Bank of America plans to eliminate 6,000 jobs across both companies, which the Charlotte-based bank has said will help it achieve overall cost savings of $850 million by 2007.
Before the deal, MBNA had about 24,700 employees. Bank of America had more than 177,000 employees.

 

[SCT]

It's sad to see another large 91 flight department bite the dust. I'm beginning to feel like a dinosaur. Even though a/c sales are up the last couple of quarters, it seems there have been several flight departments downsizing or shutting down. I know Dana Corp. shut down there flight department a few months ago.

How's sales for the fracs been selling?

 

[Geronimo4497]

How's sales for the fracs been selling?

Like hotcakes, at least at the outfit I fly for.

 

[Gulfstream 200]

Hang on.

Does anyone really know if MBNA is throwing guys out on the street?

Were they offered either retirement packages (if older) or offered positions at BOA?

with all these 91 departments supposedly shutting down and the sky falling, are there many unemployed corp pilots out there? I dont know a single one.

There is lots of interviewing going on and most guys I know looking have multiple opportunities or offers (some better than others of course) ALL large corp outfits are going to be in need of qualified people as their Vietnam era guys retire.

Its not a bad time to be shopping in the corporate arena.

 

[mobie]

Mbna

I do not think that Bank of America will shut down the need for aircraft that MBNA used. In the past they have at frist keep the absorded flight crew and aircraft and then upgraded them.

B of A is one of the best run flight depts. I know some of their long time people and noone ever leaves for greener pastures. I also know they treat all of the folks in the flight dept. wery well and have never heard one bad thing about them.

Mobie

 

[CaptBud330]

Mobie

Mobie, PM me. [email protected]

 

[Diesel]

hey isn't mbna with the crazy ceo that had to have the pen's in the right color in the right drawers? I'm pretty sure it was him.

 

[Gearmunky]

hey isn't mbna with the crazy ceo that had to have the pen's in the right color in the right drawers? I'm pretty sure it was him.

Yes, he was/is a very strange eccentric character.

Does anyone really know if MBNA is throwing guys out on the street?

I don't know how that works, but their former chief pilot works for FSI in ILG. One helluva great guy, he was one of my instructors when I went for recurrent. They also had sold all of their G's except one and I think they may still have all their Falcons. I was at ILG today as a matter of fact and saw one of their 2000's (BoA's) taxiing out.

 

[sydeseet]

The MBNA flight department as we know it, or knew it, is gone. All the GIV's, all the S76's, and all but one of the 2000's were sold. The remaining 2000 went to Charlotte along with a few of the pilots. From what I was told, none of the mechanic's were absorbed nor any of the support staff. Lowes Corp. bought one of the S76's BTW.

A sad day indeed considering at one point they employed 30+ pilots and operated 8 aircraft.

Big business will always be big business and none of us is exempt from this possibility.

:-(

 

[sleepy]

I was in ILG the other day. The folks at Dassault said that MBNA was all gone. I have a friend that flew for them, I can verify that BoA took only a few pilots (the guys that flew the old MBNA CEO around) and aircraft.

Pretty sad!