Capital One Financial Lets Go Over 1,000 Tech Employees: Report

Capital One Financial Corp COF has reportedly cut 1,100 positions in its technology segment in a move to improve its efficiency.
The company plans to eliminate its "Agile" job family and integrate it into existing engineering and product manager roles, Bloomberg reports citing an emailed statement.
The report adds that the affected employees have been invited to apply for other roles in the bank, with hundreds of open positions across the company.
"The Agile role in our Tech organization was critical to our earlier transformation phases, but as our organization matured, the natural next step is to integrate agile delivery processes directly into our core engineering practices," the statement said.
According to company filings, the company had over 55,000 employees as of Sept. 30, 2022.
"Their contributions have been critical to maturing our software delivery model and our overall tech transformation," Capital One reportedly said.
Price Action: COF shares are up 0.90% at $98.79 during the pre-market trading on the last check Friday.
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