Capital One Financial Corp. (COF.NYSE) will cut about 905 jobs at its originating mortgage and home-equity loans businesses as it exits those businesses.
The McLean, Virginia company will cut at least 768 of those jobs at its 8000 Dominion Parkway in Plano with the rest of the cuts coming in St. Cloud, Minnesota and Melville, New York. In a WARN letter to the Texas Workforce Commission, Capital One said the layoffs would take place around the first of the year.
Capital One will still provide loans for affordable housing and multifamily financing to real estate developers and investors, as well as continue to service its existing home loans portfolio, according to the Bloomberg report.