Credit card company Capital One to slash 750 UK jobs

09-04-2008

Credit card company Capital One to slash 750 UK jobs
Bank and credit card company Capital One is cutting 750 jobs in the UK to stay competitive.

The company told staff in an email on Tuesday. Jobs will be eliminated in the information technology, operations, human resources and risk management sectors.

Capital One said those who are made redundant will receive severance pay and help with finding new jobs.

Srini Gopalan, head of Capital One Bank (Europe), told the BBC: "While this was a difficult decision for the UK management team, it is recognised this is part of the ongoing effort to ensure the business framework is in a place that supports an overall competitive strategy in the UK market."

The firm has its European headquarters in Nottingham, where the jobs will be lost.

Virginia, US-based Capital One said most of the roles will be outsourced instead.

The cuts are part of a plan, announced in June, to trim 2,000 jobs across the company.

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