OCTOBER 14, 2018 — AND IT GETS WORSE
Capital One has announced that it will lay off more than 150 employees in Lincoln, Nebraska, who service the sporting goods and apparel retailer Cabela's credit cards. Cabela’s credit card servicing will be transferred to another Capital One facility.
McLean, Virginia-based Capital One is laying off an additional 286 employees associated with its mortgage lending operation as it sells off its $17 billion mortgage portfolio to DLJ Mortgage Capital, a subsidiary of the Zurich, Switzerland-based Credit Suisse.
The current layoffs are in addition to the 950 employees which, according to a previous announcement, will be laid off as the bank exits a mortgage business that is impacted by rising interest rates, a decline in refinancing activity, and increased regulatory scrutiny of the secondary mortgage market.
Are you wondering, Am I Next?