Report: Capital One cuts 1,100 jobs

Fortune 500 bank eliminated "agile" positions

Published January 20, 2023 by Robyn Sidersky

According to a report Friday in Bloomberg, McLean-based Capital One Financial Corp. eliminated more than 1,100 technology positions this week. The McLean-based Fortune 500 banking company confirmed in a statement that it has cut jobs but declined to disclose how many and where.

“These associates are located throughout our footprint,” a spokesperson said by email Friday. The credit card giant’s headquarters is in McLean, but it also has a significant presence in the Richmond area, including at its campus in Goochland County.

On Wednesday, Capital One eliminated so-called “agile” jobs and integrated the responsibilities into existing engineering and product manager roles, the company said in a statement.

“The agile role in our tech organization was critical to our earlier transformation phases, but as our organization matured, the natural next step is to integrate agile delivery processes directly into our core engineering practices,” the statement said. “Instead of having distinct roles focused on agile delivery, engineering teams and product managers will share accountability for agile ceremonies, routines, and practices. By shifting oversight of execution and risk management to the teams already building and delivering software solutions, we further increase team collaboration and delivery speed.”

Capital One says it is offering “extensive career transition support,” and affected employees have been given at least 60 days notice and are able to apply for other jobs within the company. Associates not hired in other roles will be eligible for a severance package including at least 16 weeks of pay, retraining assistance and outplacement services, according to Capital One.

Deputy editor Kate Andrews contributed to this story.

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