Capital One Financial (NYSE:COF) has cut over a thousand jobs in its technology wing this week, adding to the layoffs in the wider sector.
Some 1,100 positions were cut, according to a Bloomberg report, with the credit card provider claiming the move was the “natural next step,” as it “matured” and looked to incorporate the department into its wider business.
It joins the likes of Amazon and Microsoft, which have made thousands of sackings respectively as global recessionary fears start to kick in.
Capital One said: "The agile role in our tech organization was critical to our earlier transformation phases.”
“But as our organization matured, the natural next step is to integrate agile delivery processes directly into our core engineering practices.”
Capital One’s share price fell roughly 4% on the news, ending Thursday at US$97.9.
The cuts represent a 20% reduction in Capital One’s workforce and come ahead of its fourth quarter results next week on Tuesday, 24 January.
Results for the third-quarter showed revenue rising to US$8.8bn compared to US$7.8bn in 2021.