Bank of America plans to phase out its presence at the Bracebridge complex in downtown Wilmington by late 2025.
B of A spokesman Andy Aldridge said the move to company sites on Paper Mill Road and near the ChristianaCare campus does not represent a staff reduction, with positions downtown moving to the two Newark area sites. Bank of America also has a smaller site in the Little Falls area west of Wilmington.
The transfers will be phased in as work as work is completed on space for the transferred staff. About 500 employees will move to the new sites.
Aldridge said the company plans to ensure the building is not abandoned and will make future announcements on its status.
The news marks the final stage of Bank of America’s exit from the city.
The company inherited the massive MBNA complex in downtown Wilmington a couple of decades ago when it acquired the credit card issuer. MBNA, under founder the late Charles Cawley, moved thousands of employees to downtown after exiting a site in Ogletown south of Newark, now known as the Iron Hill Corporate Center. The credit card bank started in a former grocery store at the sprawling complex that now has multiple corporate and medical tenants.
After the purchase, the company steadily reduced the former MBNA 10,000-employee workforce and moved many remaining positions to other sites in New Castle County. Bank of America is still believed to be the state’s second-largest financial services employer, trailing only JPMorgan Chase’s 11,000 headcount with about 6,000 employees.
The job losses have been partially offset by expansion at JPMorgan Chase, which has its credit card headquarters in the Christiana Gateway buildings on the southern edge of downtown. New Castle County has also seen employment grow at start-ups launched by veterans of MBNA and other banks in the area.
The former MBNA complex, much of which has been sold off or donated by Bank of America, has contributed to downtown’s high office vacancy rate, predating the Covid-19 pandemic and more lawyers and others working in remote locations.
Another banking player in downtown, Capital One, has office space and donated a building near the Biden Wilmington Train Station to Delaware State University. Further changes are possible with the proposed merger with Discover. Both have operations in Delaware, although Discover has kept operations in the suburbs.
John Rago, spokesman for the Wilmington Mayor’s office, said the city has been aware of plans by Bank of America to exit the remaining space.
