| Richmond facing Capital One job cuts
Virginia Business
June 2004
The
Richmond region’s biggest private
sector employer is planning a massive job cut. Despite
a solid first quarter profit, Capital One Financial
Corp. announced in April that it was cutting operating
costs and personnel to keep up with competitors in the
credit card and financial services industry.
Although officials refused to cite any specific numbers,
the McLean-based company could decrease
its total of nearly 17,000 employees worldwide by as
many as 3,400 though layoffs, outsourcing and attrition.
The 9,000-employee Richmond operation is expected to
be hit hardest, with an estimated 2,550 jobs likely
to be eliminated.
Chairman and CEO Richard D. Fairbank suggested in a
memo to employees that the only way to guarantee Capital
One’s long-term financial health was for its businesses
to begin to “improve their cost positions.”
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