Capital One to cut 6% of workforce
From Times Wire Services
Capital One Financial Corp. is cutting 2,000 jobs, or about 6% of its workforce, amid mounting loan losses and a slowdown in the mortgage industry.
McLean, Va.-based Capital One is the largest independent U.S. credit card issuer. In the first quarter, its charge-offs for bad credit card, auto, mortgage and other loans in the U.S. rose to 3.65% of loans from 2.99%, and its mortgage banking business lost $12.6 million as volume fell.
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