WILMINGTON, Del. - (04/25/05) -- Credit card giant MBNA Corp. Said itis considering reintroducing 0% teaser offers, among other things,after first quarter profits plunged 94% to just $31.7 million, ortwo cents a share. The fall in earnings was due mainly a $767.6million restructuring charge and unexpectedly high repaymentvolumes as cardholders continued to take out equity from theirhomes to pay off card debt, the company said. The higher paymentsreduced managed loans more than in recent years, especially onhigher-interest loans. To combat the situation, a company officialsaid last week MBNA is considering brining back its 0% teaser rateto entice cardholders to consolidate their debt with the cardgiant. Total managed loans for the nation's biggest credit cardbank declined for the first time in several years to $116.6 billionat the end of the first quarter, down $1 billion from a yearearlier.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
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Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
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