MCLEAN, Va., July 21 /PRNewswire-FirstCall/ -- Capital One Financial
Corporation (NYSE: COF) today announced that it will eliminate approximately
1,400 call center positions, transitioning most of the work volume to U.S.
based companies, as part of its ongoing drive to achieve cost efficiencies and
maintain the company's momentum for continued success.
The changes will primarily affect the company's Tampa, Florida facility
where approximately 1,100 positions will be impacted. In addition,
approximately 160 positions in Dallas, Texas and 120 positions in Richmond,
Virginia will be eliminated.
Affected Capital One associates will receive comprehensive outplacement
assistance and extensive career transition services including one-on-one
counseling and career seminars. In addition, all full-time associates will be
eligible for severance packages and retraining assistance.
Capital One expects a seamless transition for customers as support
functions will be routed to its remaining staff and to existing outsourced
call center providers.
Capital One is working closely with local community leaders and will honor
the company's existing community commitments.
About Capital One
Headquartered in McLean, Virginia, Capital One Financial Corporation
(http://www.capitalone.com) is a holding company whose principal subsidiaries,
Capital One Bank and Capital One, F.S.B., offer consumer lending products and
Capital One Auto Finance, Inc., offers automobile and other motor vehicle
financing products. Capital One's subsidiaries collectively had 46.6 million
accounts and $73.4 billion in managed loans outstanding as of June 30, 2004.
Capital One, a Fortune 500 company, is one of the largest providers of
MasterCard and Visa credit cards in the world. Capital One trades on the New
York Stock Exchange under the symbol "COF" and is included in the S&P 500
SOURCE Capital One Financial Corporation
CONTACT: Paul Paquin, V.P., Investor Relations, +1-703-720-2456, or
Tatiana Stead, Director, Corporate Media, +1-703-720-2352, both of Capital One
Web site: http://www.capitalone.com