UPDATE: NOVEMBER 8, 2017 — IT'S EVEN WORSE ...
11/8/2017 -- The number of Capital One employee layoffs has climbed to over 1,000 as the company announces the closure of its mortgage and home equity operations IN Plano, Texas and another 130 employees in other places.
Original Post ... It appears that Capital One is continuing their restructuring which is resulting in mass layoffs and moving operations to lower cost venues. The latest move is to transfer more than 100 jobs from San Francisco to other areas (said to be Texas and the Mid-Atlantic area) to reduce labor costs associated with prevailing wages in areas of high-cost living expenses.
In Reporting Third Quarter (2017) results, Richard D. Fairbank, Founder, Chairman and Chief Executive Officer notes, "We posted another quarter of resilient and responsible growth." "We continue to carefully manage risk across our businesses. And, we're driving improving efficiency even as we invest to grow and to transform our company as banking goes digital."
There is little doubt that automation will transform the banking industry and significantly reduce headcounts as expert systems and artificial intelligence takes over.