Faced with declining in-person branch visits and dramatic increase of online banking transactions, Capital One Bank announced Sept. 10 it will lay off its assistant branch management personnel across the state. According to company spokesman Steven Thorpe, the move is part of the company’s global efforts to become more efficient as it moves more resources into digital investment.
The New Orleans Advocate reported that Capital One Financial Corp., the parent company of both Capital One Bank and the Capital One credit card division, has seen dramatic declines in earnings, reporting $863 million in this year’s second quarter against $1.2 billion in the same quarter last year. Capital One has 159 bank branches statewide, according to the Advocate, with nine branches in the greater Acadiana area.
Thorpe did not specify the number of associates lost in the purge, but said that Capital One is “committed to helping impacted associates through the transition.”
Capital One issued a 60-day notice for employees to apply for reassignment within the company or to leave the company with severance, retraining and outplacement services. Nationally, Capital One has shed 1,600 jobs with cuts in Virginia, South Dakota and Oregon although it's unclear if the associate branch manager position is in jeopardy in other regions.