Capital One Cutting 2,000 Jobs

Capital One, the credit card company notorious for slamming its customers with huge fees (and encouraging them to open multiple cards with low limits so that they can incur more huge fees) is cutting 2,000 jobs. “As a broadly diversified bank, we now compete across multiple businesses and channels with some of the biggest players in financial services in massively consolidating industries,” Chief Executive Richard Fairbank said in a memo to employees. “They’re increasing their scale and driving down costs every year. To win in each of our businesses, we must create a sustainable cost discipline.”

What’s in your wallet? A pink slip.

Capital One cutting 2,000 jobs, sees charge [Reuters]

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  1. Trai_Dep says:

    To quote Claude Rains, “I’m shocked – shocked - that Capital One is as large an asshat to their own employees than to their customers.”

    Well, except “asshat”, “employees”, “Capital One” and “customers”.

  2. azntg says:

    I really don’t see how they are thinking of “increasing the scale” without increasing their manpower to match it. Common sense dictates that’s the way for disaster.

    CapitalOne must have a long term goal of being true to its name. All the CAPITAL for ONE (the stereotypically highly paid CEO).

  3. phripley says:

    Maybe I’m the only one but I’ve had nothing but good experiences from CapitalOne. I have business line of credit, a business credit card, a personal credit card with a low fixed rate, and a high interest savings account.

  4. ChrisC1234 says:

    I’m worried that a lot of these cuts are going to come from their banking division. Capitol One bought New Orleans based Hibernia Bank. I can easily see them closing all of the New Orleans banking offices and consolidating that with their other offices, laying off all of the New Orleans employees in the process.

  5. Hawk07 says:

    What’s in my wallet you ask? a pink slip!

  6. kingoman says:

    @Phripley: Ah, *you’re* why they’re losing money! ;-)

    I, too, have had generally excellent experiences with my personal Capital One card, but I’ve always followed their rules. I’ve heard horror stories about once you miss a payment, but isn’t that true for all credit cards these days?

  7. stavs says:

    I too have had nothing but good experiences with them. I have 4 credit cards with them which I very easily consolidated into just one card the other day. I also have my car loan through them, which truly was “No Hassle” as they claim in their advertising. I think the key thing is to follow their rules and pay your bills on time. If you’re a deadbeat, its your own fault. If you cant pay a bill and you call them I’m sure they will work with you. I have found their customer service people to be extremely friendly and helpful. I have nothing but good things to say about them. I must truly be the minority considering all the bad things I hear.

  8. SexCpotatoes says:

    I wonder if it’s true that they’ll be recirculating that one memo that other company put out about how “dumpster diving” is a great way to “adjust to having no paycheque coming in.”

  9. Cap'n Jack says:

    A better headline would be: “What’s in YOUR wallet? A pink slip.”

  10. etinterrapax says:

    I’ve never had a bad experience with them, but I’ve also never asked them to do anything complicated. Low expectations = happy customer relationship, more’s the pity. At any rate, I only haven’t ditched the card because it’s my oldest account. Otherwise, it’s nothing special.

  11. Youthier says:

    I never had a problem with them until I lost my card. I moved and after 11 phone calls, they had still not changed my address, choosing to send my bill to the former occupants. I have never had to beg a company to send me my bill. We are close to resolution now. Two days ago, after 3 phone calls telling me “Systems are currently down. Can you call back in two hours?” they changed my address and agreed to issue a dispute report for the interest once they receive my principal balance payment.

    I’ve found once I get someone in the U.S. to help me, things get resolved.

  12. smarty says:

    No problems with Capital One. I’ve only had 1 credit card with them (APR fixed just below 9%). They have never once raised (or lowered) my rate – so when they told me fixed, it really was! Every call to customer service has been no problem. I’ve lost the card twice, and both times they replaced it with no hassle after I gave them verification of my identity. They are also the only credit card company that has every halted some transactions because their programs detected unusual activity. Each time they had the store call them, and put me on the phone to verify my identity. I had no problem with that delay because they were watching out for me. I called them to let them know I’d be out of the country and using their card, and as expected, I had no hassle using it on my vacation. I’ve moved to over 8 addresses since I’ve had the card, not one single problem with address changes. Different people, different experiences.

    Consumerist hates Capital One for some reason and has a personal vendetta.

  13. Uh oh... Cleveland says:

    I would LOVE to hear Claude Rains say “asshat” just once!

  14. stavs says:

    @missbrooke06:

    You can always view statements and bills online. Why bother having them send you a bill?

  15. Youthier says:

    @stavs: Because when I reported the card lost, they suspended the account and I could no longer view it online. Which makes absolutely no sense and the CSR I complained about it to agreed.

  16. stavs says:

    @missbrooke06:

    Thats just silly….they just need to issue a new number, your online acct should stay the same. Its amazing how stupid some corporations can be with their silly rules.