Capital One Financial Corp. is cutting some remote-work jobs from its Richmond-area operations, even though the company also says it expects to do a significant amount of hiring for technology work over the rest of the year.
The financial services and credit card giant, the region’s largest private employer, notified state and local officials that it expects to cut 147 jobs on Sept. 7, affecting employees who work remotely from home but get job assignments from Capital One’s campus in the West Creek office park in Goochland County.
“The West Creek facility is not closing, and this action involves no job eliminations for employees in positions at the West Creek office,” the company said in a WARN Act notice filed on June 30 with the state and the Goochland County Board of Supervisors.
A spokesman for the company said the job cuts are the results of a decision to terminate the company’s internal credit card “outbound recoveries function.”
“We regularly review the structure and functions across our business to ensure that we remain agile and can deliver on our business priorities with speed and at scale,” the company said in a statement. “As a result, we made the decision to exit our existing internal credit card outbound recoveries function in favor of investing in new resources, tools, and technology to meet the evolving needs of our customers.”
“The decision wasn’t easy as we recognize the impact that this has on our fellow associates and are fully committed to helping them through this change,” the company said. “Impacted associates have been provided at least 60-days’ notice and are encouraged to post for open positions across our various locations.”
Employees who are not hired for another job at Capital One will be eligible for severance packages including retraining assistance and outplacement services, the company said.
Capital One employs about 13,000 people in the Richmond region, including at its West Creek office park, at offices in Henrico County and at a data center in Chesterfield County. It also has two Capital One Cafe banking locations.
Separately, Capital One said it is planning to hire about 3,000 people this year for various technology jobs such as software engineering.
Those hires will happen in the Richmond region as well as at other Capital One locations around the nation, said Mindy Ferguson, Capital One’s managing vice president for technology. It will include jobs that are part-time remote and part-time at an office.
“It goes back to the work we have been doing over the past decade,” Ferguson said. “Technology has been so central to our corporate strategy and the direction that Capital One has been going. The future means being a really great tech company that understands how to handle risk like a bank, and that is quite an interesting skill set.”
Ferguson said the company is looking to hire specialists in artificial intelligence, machine learning, engineering, and data management and analysis.
“It is an ambitious goal to go out and hire 3,000 technologists,” Ferguson said. “As far as location, we are heavily a Virginia company and so we will be looking to hire not only in Virginia but in other places where we have development centers. We have great talent in Virginia, and the company is very much focused in Goochland and also in Northern Virginia.”