Capital One to Cut 950 Jobs in Plano With Closing of Home Loan Division, Call Center

Banking and financial services company Capital One announced Tuesday that it will lay off about 950 people in Plano, as it exits the mortgage and home equity business and closes a call center.The McLean, Va.-based company has businesses across the financial universe, from credit cards to checking and savings accounts. Two of its divisions — auto finance and mortgage and home equity — are based in Plano.But the company said Tuesday that it's been too challenging for the company to both stay competitive and turn a profit in the mortgage business. It will close the division and lay off approximately 900 employees, including 750 jobs in Plano. Other affected employees work in St. Cloud, Minn. and Melville, NY.In an email to employees on Tuesday, Capital One's president of financial services, Sanjiv Yajnik, said the "businesses are in a structurally disadvantaged position, given the challenging rate environment and marketplace.""These factors do not allow us to be both competitive and profitable for the foreseeable future," he said in the email.Capital One will continue to service its existing and pending home loans.Capital One's retail banking division is also closing a Plano call center, which employs about 200 people. Company officials say they've seen a decline in call volume as more customers have turned to the mobile app, bank branches or other avenues for their banking needs. The call center will answer calls until early summer 2018.   Continue reading...