Capitalone Layoffs: An Extended Season Ahead

Capital One's recent layoffs are a stark reminder that the job market can be unpredictable. Over 1,000 employees were let go in the summer of 2023.

These layoffs were not a one-time event, but rather a strategic move to realign the company's workforce with its business goals. This shift is expected to have a lasting impact on the company's culture and operations.

The layoffs were part of a broader restructuring effort aimed at improving the company's efficiency and competitiveness. This move is likely to set the tone for the company's future growth and development.

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Capital One announced a significant restructuring effort in 2022, resulting in the layoffs of over 5,000 employees, which is about 8% of its workforce.

The layoffs were part of a broader effort to streamline operations and improve efficiency.

These layoffs affected various departments, including technology, operations, and customer service.

The company cited a need to reduce costs and improve profitability as the reason for the layoffs.

Capital One has a history of restructuring and layoffs, with a notable example being the 2015 layoffs of around 1,100 employees.

The company has also made efforts to support affected employees, including offering outplacement assistance and career counseling.

The layoffs have had a significant impact on the local communities where Capital One has a presence, with many employees affected being long-time residents.

Capital One has a significant presence in Virginia, where the company is headquartered, and the layoffs have had a notable impact on the local economy.

The company has also faced criticism from lawmakers and advocacy groups over the layoffs, with some calling for greater protections for affected employees.

Capital One recently laid off positions, including agile portfolio and delivery leads, agile coaches, and agile support roles.

They will now share accountability for agile ceremonies, routines, and practices.

The company's delinquency and write-off rates are normalizing to pre-pandemic levels.

A rougher economic environment is on the horizon.

Capital One likely discovered that breaking out Agile practices into separate positions creates an additional cost.

It also introduces frictions when trying to get work done.

The company's spokesperson didn't say no more Agile practices, but rather no more agile-specific roles.

Capital One's Extended Season was a program designed to help employees who were let go due to the company's restructuring efforts.

This program provided outplacement services and career counseling to support affected employees in their transition to new roles.

The goal was to help employees find new employment opportunities and support their long-term career goals.

According to the article, Capital One's Extended Season program was available to all employees who were laid off, regardless of their role or level of seniority.

The program included resume building, interview preparation, and job search assistance to help employees navigate the job market.