By Andrew R. Johnson
Capital One Financial Corp. (COF) is outsourcing its cash-vault
operations in the Northeast, which will result in the elimination
of 26 employees later this year.
The McLean, Va.-based bank expects to make the cuts in the
fourth quarter, according to a notice from the New York State
Department of Labor on Thursday.
The reductions are the result of Capital One's decision to
outsource its cash-vault functions to a third-party vendor, which
will provide the services to bank customers in the New York and New
Jersey areas, spokeswoman Julie Rakes wrote in an email
Thursday.
"Capital One Bank is continually reviewing its operations to
standardize and simplify its processes, especially as it continues
to grow in its markets," Ms. Rakes wrote.
Associates in these locations will be notified at least 90 days
before their last day with the company and be given paid time to
use Capital One's career-development services during that period,
she said. Full-time associates who don't pursue internal positions
will be eligible for severance, she said.
Write to Andrew R. Johnson at andrew.r.johnson@dowjones.com
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