Business Services Industry
Wilmington, Del.-Based Credit Card Issuer Hires New Senior Executive.
Knight Ridder/Tribune Business News, July, 2001
By Joseph N. DiStefano, The Philadelphia Inquirer Knight Ridder/Tribune Business News
Jul. 13--Credit card lender MBNA Corp. reported increased profitability for the second quarter yesterday, thanks to lower funding costs from Federal Reserve rate cuts.
The Wilmington card issuer also announced that it has hired Louis J. Freeh, former director of the Federal Bureau of Investigation, as senior vice president for administration. Freeh has assumed some of ex-Marine Corps commandant Charles Krulak's former MBNA duties. MBNA had previously hired several of Freeh's subordinates.
During the quarter, MBNA collected $380 million in profits from its credit card and consumer loans in the United States, United Kingdom and Canada, which totaled $90...
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