Capital One Financial Corp., a major employer in the Richmond area, has cut positions at locations across the country — including here — as part of a restructuring.
The McLean-based credit card and financial services company is not saying how many positions were affected by the reorganization.
However, some employees will take on new work and responsibility, while other positions will be eliminated, the company said in a statement released Thursday.
The number of job cuts were not high enough to warrant public notice. However, the Richmond area is the hub of operations for the company, employing as many as 11,000 people. Companywide, Capital One employs 49,000.
“On Wednesday, we announced plans to restructure portions of our U.S. Card business with a focus on creating a more nimble organization, one that will allow us to more quickly make decisions and deliver for our customers,” the company said in a statement.
“Any change that impacts our associates is difficult, and this decision wasn’t taken lightly. We have a talented workforce and are fully committed to helping them through this change.”
Affected employees were given at least 60 days’ notice and are encouraged to apply for hundreds of open positions at company locations across the country. Employees not assuming another position at Capital One are eligible for severance packages, including retraining assistance and outplacement services.