MCLEAN, Va., Sep 30, 2004 (BUSINESS WIRE) -- Capital One Financial Corporation (NYSE:COF) today announced plans to consolidate its operations work by eliminating 220 positions at its call center facility located in Irving, Texas and transition the vast majority of the work to its Richmond, Virginia facility. The move is part of the company's ongoing drive to achieve cost efficiencies.

The company intends to close the Irving, Texas site by the end of the second quarter 2005. All impacted Capital One associates will receive a minimum of 90 days notice along with extensive career transition support including career training, job fairs, one-on-one counseling, and access to an on-site career services center. All full-time associates will be eligible for severance packages including retraining assistance and outplacement services.

In addition, as the work is transitioned to Richmond, the company will provide assistance to those associates currently working at the Irving facility who are interested in relocating and continuing their work for Capital One.

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 will maintain its presence in Texas through the company's Plano location, where more than 1,000 associates support its Capital One Auto Finance operations.

About Capital One

Headquartered in McLean, Virginia, Capital One Financial Corporation (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 index.

SOURCE: Capital One Financial Corporation

Capital One Financial Corporation, McLean
Tatiana Stead
Director, Corporate Media
703-720-2352
or
Paul Paquin
V.P., Investor Relations
703-720-2456