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.”
