Capital One Bank set to axe 750 jobs in the UK

Capital One Bank Europe is to axe up 750 jobs in its UK operation, including roles in its HR division, as the credit crunch continues to wreak havoc on the financial services industry.

It follows a decision by CitiGroup, one of the world’s largest banks, to centralise its HR function.

The organisation expects to make up to 750 redundancies, predominantly across the operations and IT functions, and the ‘HR team will be impacted’, a spokesperson told Personnel Today.

The job cull is part of credit-card giant’s ongoing cost-cutting review, originally announced in June last year in the US, while the 750 posts represent about 40% of the company’s 2,000 total jobs in the UK.

“This move reflects Capital One’s focus on lowering its cost structure to continue to remain economically competitive and innovate in the UK credit-card market,” the company said in a statement.

“Capital One is committed to ensuring that any employee who leaves the business as a result of these changes will receive financial support, career transition support, retraining assistance and will be treated with dignity and respect,” it added.

Capital One Bank joins a growing list of financial services firms to be hit by the sub-prime ‘credit crunch’.

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