Tech IndustrySep 26, 2019

Capital One Incoming Layoffs?

Anyone else get the vibe there will be significant layoffs at year end? And I mean in excess of the year end stack-based management cuts. So far I’ve heard of: - A hiring freeze (not sure of scope, but maybe enterprise wide) - Ending contracts of new contractors - Not renewing longer, existing contractors as they expire, in some cases for contractors known to do quality work Everything seems to imply a significantly reduced budget, almost certianly due to the data breach and the aggresive hiring leading up to it. Curious what other people’s rumor mill is saying.

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Expedia Group vintage_ Sep 26, 2019

Definitely signs of budgets tightening but that’s nothing other companies haven’t already been doing

Compass LInR08 Sep 26, 2019

Yield curve is hurting spreads which directly impacts interest income. I don’t know what percentage of the revenues is interest vs non-interest income but guessing it’s super high at capital one. So yes, short of a steeping if the YC you can expect cost chatting in all financial companies.

Capital One hatorade Sep 26, 2019

Also, there wasn’t enough natural attrition this year, so they’re going to increase the percentages being unnaturally attrited by performance management.

Expedia Group vintage_ Sep 26, 2019

ah the good old butt in seat trick, yep need to kick those guys out lol

Capital One hotdesk Sep 26, 2019

Layoffs are for eliminated roles or excess hiring leading to redundant roles. Expect some in Walmart areas and over invested areas. We still need sacrifices for performance management and those will be bigger in January than usual. Cut off is in October. Certain orgs like tech do this every 2 years. We hire a lot of sub par talent that needs weeded out. Comes with the stats.

Capital One usRa22 Sep 26, 2019

No evidence, but I have a feeling there’s going to be a bunch of unhappy people soon

Capital One oFhm06 Sep 26, 2019

In CDML I can confirm a ton of contractors being dropped by October 4th. Mostly Plano

Capital One RcYa07 Oct 3, 2019

Some Platform folks cdml gonna get axed.

Bloomberg GO<GO>/BAR Oct 3, 2019

Yeah, I guess they are making contingencies for incoming class action. My lawyer is hangry.

Capital One hookie Oct 9, 2019

There is already a talk about identification of bottom percentage and I can already see performance management champions stressed out. I hate this phase of capital one.