09-04-2008
Credit card firm announces job cuts
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
A financial institution in the UK has announced a number of job cuts.
Confirmed by Capital One earlier this week, the job cuts are to take place at the firm's European headquarters in Nottingham and a total of 750 workers are to lose their jobs.
The company currently employs a total of 1,750 members of staff at its Nottingham site.
"While this was a difficult decision for the UK management team, it is recognised that this is part of the ongoing effort to ensure the business framework is in a place that supports an overall competitive strategy in the UK market," said Srini Gopalan, head of Capital One Bank in Europe.
The firm has confirmed that a majority of the job cuts will be based within the organisation's operations and information technology departments.
Offering both MasterCard and Visa credit cards, Capital One entered the UK market in 1996 are establishing itself a year earlier.