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Capital One Cuts 1,100 Technology Staff

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Capital One, a US bank, has laid off around 1,100 employees. The layoffs would affect the company’s ‘Agile’ technology division, with affected employees encouraged to seek for new positions.
Capital One stated in a statement that the move was a step forward in its digital transformation. According to a business spokeswoman, roles in the ‘Agile’ category would be blended into product management and engineering.

Capital One had around 55,000 workers as of September 2022. It, like other big financial institutions, has spent extensively in technology in recent years to keep up with advances in fintech and competition from within banking and technology.

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