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Capital One announces Richmond layoffs

Michael Schwartz June 21, 2013 7

capitalonegoochland1Richmond’s largest private employer is getting a bit smaller.

Credit card and banking giant Capital One is eliminating 16 employees from its branding department at its West Creek campus, the company confirmed Thursday.

“These decisions were made very thoughtfully and carefully given their impact on our associates and their families,” Capital One spokesperson Julie Rakes said in an email.

The employees were given a minimum of 60 days notice.

“No one is losing their job today,” Rakes said.

The affected employees can apply for open positions within the company and will receive severance if they do not find a new role at Capital One, Rakes said.

They’ll also receive support from the company’s career development center, including interview coaching.

The company’s Brand Department, as it is known, provides marketing, advertising and creative services to Capital One’s lines of business.

Capital One’s headcount in Richmond is massive, with 10,125 employees. Most of those work out of its 316-acre campus in Goochland County.

Capital One isn’t the only big company to announce layoffs this month: Genworth Financial said recently that it would cut 75 to 100 local positions. Comcast said in May that it would lay off 53 Richmond employees this fall.

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7 Comments »

  1. Brian June 21, 2013 at 7:44 am - Reply

    The amount of staff at Capital One seems extremely bloated, with a large lack of organization in some departments. Some employees get by with doing virtually nothing while others are working 55 hour weeks every week. They really need to get more efficient and get organized, trim off the fat, and start allocating resources better. Laying off some employees may be the best way to go about doing this.

  2. Jamesgrayland June 21, 2013 at 9:03 am - Reply

    “trim off the fat”…I get what you’re saying Brian but these are people loosing their jobs.

    • Brian June 21, 2013 at 10:47 am - Reply

      James, I also understand what you are saying, but I have a hard time feeling sympathetic for those who work the daily ’9:30-3:30′, refuse to take on additional work, and completely abuse the unlimited sick day policy.

      If these are hard working people who got the shaft, then that’s terrible and I understand, but somehow I doubt that this is the case.

  3. Eric June 21, 2013 at 9:03 am - Reply

    Gee, today’s edition of Richmond BizSense is just full of “good news.” Blah!

  4. Lesley June 21, 2013 at 9:36 am - Reply

    Not too inflated, I would bet that at least half that headcount number is in West Creek alone. 16 seems a drop on the bucket to lay off, so I have to wonder what other plans they have…..

  5. Teammate June 22, 2013 at 9:43 am - Reply

    I worked with these employees and can tell you that they are some of the hardest working and talented folks in their fields…extremely knowledgeable, earnest, and passionate–not “lazy” at all, Brian. Capital One uses its “flexible work schedule” to attract top talent–and every time Capital One receives an accolade for being a great company to work for, the flexible work hours are at the top of the list of reasons the company is so great. So why call employees “lazy” if they enjoy that perk? At Capital One, work hours are between manager and employee; had there been a problem, their managers would have required an adjustment. Bottom line: in a creative environment, like the Brand department, hours don’t equal results, like they may for other positions. Perhaps that’s one of the reasons creatives often take home smaller pay checks and have a flatter career trajectories than employees in other departments? There are certainly many factors to consider when analyzing a person’s career and choices. But to call people “lazy” (and to suggest that they deserved to be laid off) because you see them doing something differently makes you come across as a little unhappy with your own situation.

    Moreover, our coworkers on the Bank team were laid off because Bank Creative was moved to the Capital One office in northern Virginia. That move began this time last year when half of our team was laid off in order to grow the Bank Brand department in a region that actually has a Capital One Bank footprint. For a bank that’s regional and community-focused, that move makes great sense.

    Also of interest, this article only covers full-time employees that were affected by this round of layoffs, but does not mention the many contractors who will lose their jobs without the support of a Career Development Center or severance package. I feel bad for those folks.

  6. Jay July 2, 2013 at 5:05 pm - Reply

    I agree with you Teammate…. a good friend of mine was one of those laid off. Listening to him over the past 2 years discuss the frustration with Capital One and their lack of control over some departments and over control of others (including the Brand Department) was disheartening to say the least.

    It makes you wonder how well they are actually taking care of the customers that they… I closed my account with them about a year ago because of how they handled my account reporting to the credit bureaus… hmmm, I haven’t had issues since… imagine that!

    As much as I feel for my friend losing his job and having to find something else, I think he is better off leaving the loser and going back to being his own boss. I wish him… and all the others who lost their jobs… all the best of luck finding something new.

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