Capital One Cuts Virginia Jobs
Wednesday, April 29th, 2009During the last year, financial jobs have become more difficult to find. With many banks slashing workers in an effort to cut costs and make up for money lost through defaulted loans, the industry hasn’t been performing at its best. Credit card companies have been hit particularly hard.
Since many people have been laid off as a result of the national recession, many can’t afford to make their payments, which has left these companies holding the bill. Now one such creditor has announced that it will be cutting jobs in Virginia in an effort to save money.
According to a recent press release, Capital One Financial Corp. will be doing away with a total of 58 employees. Of these cuts, 42 Virginia job will be lost at the company’s facility in Goochland County. The remaining 16 positions will be done away with at Capital One’s headquarters, according to company spokesperson Julie Rakes. All of those who will be effected have already been informed.
Layoffs are expected to effect mainly workers that are responsible for the marketing, acquisition and servicing of credit card accounts, according to the press release.
Rakes went on to say that all of the employees who will be affected will be given 60 days from May 4th to find other jobs with the company or elsewhere. During this period, full-time employees will continue to receive their full benefits. These individuals will also be eligible for severance packages.
Those who do pursue jobs within the company will receive career planning assistance. Workers who seek employment elsewhere will be offered outplacement services.
“The changes support the company’s continued focus on managing costs and operating efficiently,” said Rakes
Capital One is currently one of the largest employers in the Richmond Virginia area, employing approximately 6,700 workers as of January 1st of this year.