Capital One to Move New York Employees to Park Avenue Tower Next Year

   By Andrew R. Johnson 
 

Capital One Financial Corp. (COF) said Monday it is moving more than 550 employees to an office tower at 299 Park Avenue in New York.

The McLean, Va., company, best known for its credit cards, will begin taking over eight floors of the tower starting in the third quarter of 2014, it said.

The move will consolidate several existing office locations throughout New York City and include employees from the company's commercial and retail banking units, human resources and corporate finance.

"This move provides a unique opportunity to consolidate our New York City office needs together with a ground floor retail presence along with an ideal branding opportunity in the heart of midtown Manhattan," Michael Slocum, president of commercial banking for Capital One, said in a statement.

Capital One said it is also leasing retail space in the building.

The tower is located near the headquarters of J.P. Morgan Chase & Co. (JPM) at 270 Park Ave.

Capital One has expanded significantly through acquisitions in the last two years, buying ING Direct, the U.S. online-banking business of ING Groep N.V. (ING, INGA.AE), and the U.S. credit-card business of HSBC Holdings PLC (HBC, HSBA.LN) last year.

Capital One's shares were down 0.3% at $68.75 in recent trading. The shares are up more than 18% this year.

Write to Andrew R. Johnson at [e-mail]

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