Capital One to Eliminate 26 Positions as it Outsources Northeast Cash-Vault Operations

   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 [e-mail]

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