Capital One Financial Corp. has eliminated hundreds of technology roles, according to multiple reports Friday.
More than 1,100 employees were impacted, according to Bloomberg, which first reported the story.
Capital One confirmed that the layoffs happened on Jan. 18 in a statement to the Richmond Times-Dispatch. A company spokesperson said the eliminated positions are located throughout the company’s footprint, but did not disclose if any local employees were included.
Capital One is the Richmond area’s largest private employer with a reported 13,000 employees at its West Creek campus in Goochland County as of April 2022.
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The company chose to eliminate its “agile” job family within its technology organization, and have those responsibilities absorbed by existing project managers and engineering roles. Agile family roles included portfolio and delivery leads, agile coaches and support roles.
Capital One has been investing in new technology to improve efficiency for the past decade. The company said Agile roles were integral in the early stages of that development, but that it had reached a point where those duties could be absorbed by other teams.
“Decisions that affect our associates, especially those that involve role eliminations, are incredibly difficult,” Capital One said in a statement. “This announcement is not a reflection on these individuals or the work they have driven on behalf of our technology organization. Their contributions have been critical to maturing our software delivery model and our overall tech transformation.”
The affected employees were given 60 days’ notice, and Capital One is encouraging them to apply to open roles within the company. The workers are eligible for a severance package including at least 16 weeks of compensation, plus retraining assistance and outplacement services.
The company said it is still recruiting for a range of positions like engineering roles focused on cloud, data, machine learning, cybersecurity and product management.
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