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They're calling on staff to come forward and take voluntary redundancy. The American company announced in the summer that they're looking to sell their base at the city's Business Park.
Bank of America which operates the MBNA brand, has announced a consultation process for the site.
The Europe Card Executive, Ian O’Doherty, said: “The difficult economic circumstances in which we are currently operating and Bank of America’s decision to exit the Europe Credit Card business has prompted, over recent months, a fundamental review of our business with the purpose of streamlining our operations.
Cheshire West and Chester Chief Executive Steve Robinson has told Heart News "The Council has offered its assistance to anyone who may need help in finding alternative employment"
Steve Broomhead Chariman of business forum Chester Renaissance says the announcement should be kept in perspective and added the company's recently posted good financial figures which would find favour with interested parties in a potential buy out.