Myself and others were let go a few years ago. They use soft vernacular and say you're being placed on "redeployment"...which means "you're fired, you've got 60 days". But as for today, they will not announce any more layoffs for at least a minimum of 6 months or more. Notice the 'numerology; in their layoff announcement numbers and recent public financial disclosures mean they had this one planned for awhile. Capital one was a good place to work but they had no idea what they were doing or how to run a successful corporate environment. If you look at how Rich and Nigel started the fiasco, it was based on a customer induced psychological platform that....well to their surprise, IT WORKED! Nigel cashed out and Rich stayed and milked the formula and the rest is financial psychological history! Don't believe it? Look it up, it's not that hard. Nice people there but they're all Stepford Robots complete with smiles and happy face. But don't look to deep or you may discover the inconvenient truth. As long as they 14th floor gets their bonuses (and they are HUGE!) it matters not how, why, who or what they do...it's all based on illusory profits, but profits nonetheless.
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For what it's worth I'm former employee, been "redeployed" and got a package (about 75% year pay, lump sum). The "Stepford Wives" comment is dead on, made me laugh!
Capital One has a cyclical history of layoffs. There is a yearly attrition target and a peer review system that forces turnover. Sometimes managers can't get rid of people they don't want and layoff time is a convenient way to thin the heard. I've been told the 2003/2004 decision to use COTS software and focus on being a card company (now bank) rather than doing in house IT development has changed. Keep in mind there's a LARGE population of Indian H1B visa people. It's not easy to "un-sponsor" them; they're really good at documenting responsibilities and recording performance goals to support any critique at review time. So Cap1 now has Agile app dev in multiple release trains running all the time and considers IT as "engineering". They've pretty much burned through the local population for IT folks and it's all imports at this point.
So I'd say it's definitely different.
(and they don't threaten loss of severance since there isn't any, they threaten law suit).
Layoff happen everywhere. Some do it openly and others do it silently and Somme threaten their employees that they will lose their severance if they go public and post in social media. So, corporations want to do layoffs wherever, whenever, whichever way they like...bu, without any public outbursts or anger. Capital one is no different.