Capital One is reducing the number of staff it employs in the UK by 40% with IT one of the areas targeted for cuts as the company reduces its workforce by a total of 750.
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The announcement is part of a cost-restructuring initiative announced by the firm in June last year in the US. Many of the posts being cut in the UK will be offshored.
Srini Gopalan, head of Capital One Bank in Europe said in a statement, "Capital One is committed to improving efficiencies here in the UK so that we can be more competitive and continue to offer innovative and market-leading products to our UK customers."