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Credit card giant MBNA started in 1982 when a banker persuaded his alma mater Georgetown to endorse his credit cards in exchange for a share of the profits. Students and alumni took up the offer, eager to show their school spirit and raise money for the school. The company's chief subsidiary, MBNA America Bank, is now one of the world's largest issuer of credit cards, focusing largely on middle-income and wealthy card-holders (thus minimizing the risk that its customers will default on loans). While the firm also offers consumer loans, CDs and money market accounts, it is considered an "independent" credit card company because unlike other major issuers such as Citigroup and Bank One, the vast majority of MBNA's business is in credit cards - 25 million people worldwide hold MBNA credit cards, and owe a combined $50 billion. And lest you think that MBNA is an evil institution that preys on those too weak to withstand the lure of plastic, know that by extending tens of millions of dollars in indirect loans for local community development, MBNA has also earned a reputation as an active corporate citizen. Diversification MBNA has grown rapidly in recent years, largely by acquisition in the recent past, buying the credit card portfolios of competitors like PNC Bank Corp. And while the company's core business remains credit cards, MBNA is attempting to move into a broader array of financial services. In its 1998 annual report, the company reported that it will begin offering auto, homeowner, and other personal insurance to its customers. The policies will be underwritten by American International Group. This initiative is set to begin in 1999. Already, the firm offers credit, property, casualty, life and health insurance to more than a million customers.
Those interested in opportunities at MBNA should consult the company's web site at www.mbainternational.com, for a listing of the firm's regional offices and contact information. The site also allows job seekers to search for job openings by location and type. MBNA also recruits heavily from colleges, especially Georgetown, Penn State, and the University of Delaware. For those seeking managerial positions, MBNA offers its year-long Management Development Program for college graduates, a Management Internship Program for current employees seeking to enter the managerial ranks, and a Summer Associate Program for current college undergrads. Prospective employees can find more information about these three programs by calling (800) 441-7048, ext. 78268, or by writing to Management Development Programs, MBNA America N.A., Wilmington, DE 19884-0500. Says one insider: "Be prepared for lots of interviews. It is common to meet with six or more people during the hiring interviews." Continues that contact: "You will be interviewed at all levels. Look for the most intense knowledge-based questions at the 'peer' level. As you go higher in the interview process, they are the ones who look at your 'people skills.'"
We'll take care of you MBNA certainly provides for its employees with its "beautiful surroundings." Reports one insider: "There are full gyms, cafes with great food - not your normal cafeteria fare, people banking and credit services, dry-cleaning services, and day care." The firm also provides photo processing, a flower shop - and shoe repair. In other good news, MBNA reportedly offers "awesome health benefits at very low cost to the employees." It also contributes $2500 toward the education of the children of employees when they are born or adopted. High satisfaction Says one insider: "The company is very peoplecentric and treats all well. If there is a single company that depicts fairness and equality, it would be MBNA." A former employee agrees: "It's a good atmosphere, a good work environment." MBNA stresses its "people-oriented" focus and treats employees "like individuals, not numbers." Not everyone agrees, of course. Reports a different insider: "The environment can be a little stifling. It is, after all, a large company." Part of this corporate atmosphere is the firm's dress code. For men "it is a suit, but for women it is a little flexible, mostly skirts/blouses or business suits." However, the company is generally acknowledged to be an extraordinary employer - it ranked as one of the top 10 employers in the 1999 100 Best Companies to Work For published by Fortune magazine. The company is "driven by a dedication to customer service," a policy that leads MBNA to seek "social," "interactive" employees. Recent hires speak highly of the "golden" management development programs, which they say help recent graduates to "develop their high potential." Others comment that the credit card division currently offers more opportunities than the financial division, which consists of "older and more experienced" employees. It's still work, you know Just because MBNA is considered a great place to work doesn't mean one can expect to work "40 to 50 hours a week," one insider says. She elaborates, "Only go to MBNA if you are excited about working and don't mind working hard. You will work extremely hard compared to other companies, but will be equally rewarded with compensation and growth opportunities, both personally and professionally." To get more specific about the rewards of working at MBNA, another insider notes that "if you are non-exempt, you get overtime and monthly incentives; if you are exempt you don't, but you get a yearly bonus." The company's generous suggestion program provides $15,000 to the individual and team with the best idea of the year.
Human Resources (800) 637-2070
Credit cards;Insurance;Loans
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