To focus more on its banking business, Capital One is cutting 280 jobs in its credit card operations.
Those cuts will happen over the next 90 days. Two hundred and sixty jobs are gone from the bank’s Richmond, Virginia, facility; the remaining 20 are getting the boot from its headquarters in McLean.
Capital One started out as a traditional credit card company. However, over the years, it has refocused its model on more traditional banking lines. Capital One became the 11th-largest bank with its purchase in December of North Fork Bank in Long Island, N.Y., and in November 2005 of New Orleans-based Hibernia Corp.
No word, yet, on where those 260 folks will go.
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