Capital One to cut 1,100 jobs in technology segment

Consumer lending firm Capital One Financial has cut 1,100 positions in its technology segment, Reuters news report said.
Capital One Financial hacker
The company plans to eliminate its Agile job family and integrate it into existing engineering and product manager roles, it said in a statement. The affected employees have been invited to apply for other roles in the bank.

“The Agile role in our Tech organization was critical to our earlier transformation phases but as our organization matured, the natural next step is to integrate agile delivery processes directly into our core engineering practices,” the statement said.

The company had over 55,000 employees in the third quarter ended September 2022, according to company filings. Bloomberg News was the first to report about the job cuts.

Over the years, companies such as Capital One invested in technology heavily as competition intensified between card giants and fintechs.

“Their contributions have been critical to maturing our software delivery model and our overall tech transformation,” Capital One said.