Atleast 1,100 full time associate have been laid of by CapitalOne. With no clear reason as to the cause of the layoffs.
3 replies (most recent on top)
Agree. With macro economic situation and Fed’s actions to bring down inflation will cause more pain with job losses before they pivot and economy in general turns around. Stay strong mentally and emotionally. It shall pass too.
Just look around the country at other big companies. Big layoffs are happening everywhere. This is not Capital One specific. I expect a lot more layoffs unless the economy makes a big turn. Not likely this year given the determination to get inflation under control. All that free money handed out doesn't seem like such a good idea now. I have lived through this several times and it is never fun or pretty. Good luck to all.
They want to cut cost and drive their stock price up. There will be other tech teams and administrative teams that will get cut too down the line.