January 20, 2023
Capital One, a financial services company recently announced plans to eliminate 1,100 technology positions as part of a larger cost-cutting and operational-simplification effort.
The company has not provided specifics on how these job cuts will be implemented or which departments will be affected. It’s also unclear whether this is a layoff or attrition. However, the company stated in a statement that it intends to eliminate its “Agile” job family and integrate it into existing engineering and product manager roles. Employees who have been affected have been invited to apply for other positions within the bank.
“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.
Employees who are laid off and cannot find another job within Capital One will be eligible for a severance package that includes at least 16 weeks of pay, according to the company.
However, it is important to note that these layoffs are not unique to Capital One and are part of a trend of companies reducing their workforce as a result of the COVID-19 pandemic’s economic downturn.
The sources for this piece include an article in Reuters.
