October 3, 2005, Washington Mutual acquired Providian Financial Corporation, the ninth largest issuer of credit cards in the U.S., for $ 6.5 billion. At that time, Providian was about 10 million customer relationships and the balance of $ 18.6 billion. For some observers, the deal was only towards the end another chapter in the history of the rapid consolidation of the credit card market. Providian to General Manager Joseph Saunders, it was hard work to justify four years in turning around the company, which many felt was close to bankruptcy. "Hide
by John R. Wells Source: Harvard Business School 16 pages. Publication Date: September 19, 2006. Prod. #: 707446-PDF-ENG
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