Dive Brief:
- Capital One Financial is cutting about 382 jobs at Discover Financial Services’ Chicago-area headquarters, the bank told the state last week.
- Capital One said in a Sept. 15 notice to the state, related to the Illinois Workers Adjustment and Retraining Notification Act, that the cuts were announced that day and will occur in phases. The first are expected to occur Nov. 17, with 366 employees being let go, and the last in early March 2026.
- “When we first announced the acquisition of Discover, we acknowledged that combining two companies would bring with it some difficult choices and changes,” a Capital One spokesperson said Tuesday. “After careful consideration, we announced a decision to eliminate some roles as part of our continued integration efforts.”
Dive Insight:
Job cuts affect Discover employees holding 215 different job titles, McLean, Virginia-based Capital One said. Of that group, about 200 work at the Riverwoods, Illinois location, while 18 work remotely in Illinois and 165 work remotely in other states but report to Discover’s Riverwoods location.
A wide range of roles were affected, although none are customer-facing roles. Among those affected is Discover’s chief marketing officer, according to the WARN letter. The WARN letter didn’t name CMO Jennifer Murillo, but she’s identified as Discover’s marketing chief on her LinkedIn profile; Murillo has been with Discover for more than 26 years.
The Capital One spokesperson declined to specify the share of Discover’s overall workforce that was affected by the cuts.
The Riverwoods location isn’t closing and business operations will continue there, Capital One said in the WARN letter.
“Our focus right now is on fully supporting our colleagues impacted by this change,” the company spokesperson said. “We provided at least 60 days of notice to impacted employees, and we are providing comprehensive career transition support, including enhanced severance, benefits, and outplacement resources.”
The integration-related cuts follow the shuttering of Discover Home Loans, which Capital One said in July it was winding down after conducting a strategic review. That move led to 215 jobs being eliminated, according to a separate WARN letter submitted to the state of Illinois on Aug. 14.
Those job cuts were announced Aug. 14, with the first separations occurring Oct. 17 and the last in May 2026.
When asked whether Capital One anticipates more integration-related job cuts, the spokesperson said Tuesday the bank has no other updates “and we will continue to move thoughtfully through the integration.”
Since Capital One completed its Discover acquisition in May, integration expenses have mounted. In July, Capital One CEO Richard Fairbank said Discover integration costs will be “somewhat higher” than the company’s initial $2.8 billion estimate.
