Capital One To Cut 950 Jobs In Plano

PLANO, TX — Capital One announced Tuesday the closing of the organization's Mortgage and Home Equity business as well as a call center in Plano. In total, about 950 Capital One positions in Plano will fall victim victim of the cuts.

In a letter from Capital One's president of financial services, Sanjiv Yajnik addressed the cuts in a letter to Capital One employees. Yajnik wrote that some employees will be retained and assigned new work, while other employees are facing the end of their time with Capital One.

"In doing this, we've had to make some tough financial decisions that will impact a number of our associates. Although some Associates will be asked to take on new work or report to a new manager, many roles will be eliminated. Associates who will no longer have roles were notified earlier today, and we are providing a variety of resources to support them through this process."

Yajnik wrote that cute were made because Mortgage and Home Equity was "in a structurally disadvantaged position, given the challenging rate environment and marketplace. These factors do not allow us to be both competitive and profitable for the foreseeable future."

Of the approximate 950 employees affected, about 750 work in Mortgage and Home Equity while another 200 work for a Capital One call center that is also slated to close, Dallas Morning News reported. Officials at Capital One say the call center is closing as a result of customers turning to the mobile app, bank branches and other channels to solve their banking problems, the News reported. The call center will continue to answer calls until early summer 2018.

In the letter, Yajnik wrote that Auto Finance, another Capital One business in Plano, has an "incredible future." The company will share more of its go-forward strategy for Auto Finance in coming days.

Dallas Morning News reported that Capital One will provide former employees with tools to help them move forward from the cutbacks. Employees who lose their jobs will receive severance and assistance from a career development center in Plano that will help employees with their interview skills and resumes, the News reported.

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