Capital One Financial Corp. will cut 750 U.K. jobs by the end of the year, it told employees on Monday.
The McLean, Virginia-based credit card company will make cuts in human resources, technology, operations and risk management, an e-mail to workers stated, according to media reports. It will also offer severance pay.
I am confident that the business model we are moving towards will allow us greater opportunity to bring our costs in line with our competitors so that we are able to compete more effectively and efficiently in the U.K. credit card market, said the card unit's U.K. head, Srini Gopalan.
The cuts in its U.K. division are part of a previously announced plan to eliminate 2,000 jobs. A majority of the jobs will be outsourced to India and other countries, the company said.
The move is not accompanied by a dividend cut or a sale of stock, the company noted.
The reductions will take place primarily in Nottingham, England.