Any info on which teams were impacted and how many people were impacted? The wording from leadership was absolutely vague. To those who were impacted wish you the best of luck getting a new offer really soon
On which channel did you hear about this?
Friend that works there was laid off today. She told me. Business Analyst in Card. I’m interviewing at Capital One so want the info. Don’t want to join if more layoffs are expected.
Do they have a chance to find another team or no? Also, was your friend a new grad BA or higher?
Is this in addition to 1200 declared in Jan? Since you are asking to evaluate CapOne as prospective employer, I would say that please consider this fact that they have more than usual large restructures, reorgs and layoffs.
Yes
Yes, the 1200 in Jan was the whole Agile job family
Did it impact any IC software engineer roles yet? Did they fire any lifers or locals? Or was it just new grads and TDPs? They’ve already flushed every last contractor, right?
Layoffs are nice, you get severance and unemployment
that’s one of the staunchest pieces of kool-aid that I think I’ve ever seen come out of C1 😂
This person is right. Most of us would line up to take the severance. I would take a nice long paid vacation. Maybe enjoy life again.
I can confirm a lot of FDSO Guru was impacted.
What’s FDSO?
Fraud and Disputes Specialty Organization
Many more teams: https://www.thelayoff.com/t/1n6lrVAV#replies
In addition many orgs are doing mandatory pips for 15-20% after stack ranking leading to more silent layoffs. If you have a secure job reconsider. DM me if u have any specific questions.
Orgs as in other organizations or Cap1 vertical? How is overall banking scenario? Here in Truist so far full time employees arent impacted (except few focussed cases)
Orgs being different areas in Cap One for example auto financing (FS) is sticking closer to the 20% while enterprise cyber is lower with more discretion. The layoff today in Card and Bank took us all by surprise though.
@OP: The MY (Mid year) calibrations are going on right now. We have a mandate to rate a minimum of 15% of our folks in a category which will allow us to PIP/put them in a coaching plan. Recent layoffs in Card and Bank impacted folks who have not been rated well in the past 3 years + agent population where we over hired. Tech was effectively left untouched and it looks like a bigger wave of PIP/Coaching plan is coming for the tech folks. It’s going to be turbulent here till the end of this year. we are taking measures to put us in a good spot by end of 2023. If you have a stable job wait till Jan’24 and interview/join. People who got laid off got a decent severance - 2 months on the payroll + 5 months of Lump Sum pay (Upto Sr Mgr level)
What is 5 months lump sum pay you are referring to ?
Thank you rand This is really helpful Looks like a stormy place there right now. Will wait until 24
Guess, I shouldn't interview for that Data Analyst role then...
The layoff news is true. Card , FS, Bank had layoffs. Exact number + job families impacted etc is not available at this point. I think only VP+ folks know. We are still gathering data.