Capital One Announces Further Layoffs at Discover’s Chicago Offices
Capital One Financial has recently informed Illinois state officials about additional layoffs at the offices of Discover Financial Services in the Chicago area. This comes on the heels of Capital One Financial’s acquisition of Discover Financial Services last year for a reported $35.3bn. Image credit: Tada Images/ Shutterstock.com.
Details of the Job Reductions
The latest filing reveals that 1,075 employees will be laid off in May, with another 81 departures planned for June 1. These numbers were reported on the state’s layoff notification site earlier this week. The total number of layoffs scheduled by Capital One in Illinois now stands at 1,748, set to take place between October 2025 and the coming October, according to official records.
Range of Job Positions Affected
A spokesperson for Capital One confirmed on Thursday that the layoffs would affect a broad range of job positions at Discover. In a formal letter to the state, the company outlined plans to cut at least 1,139 jobs across 302 different roles, as announced on February 23. The affected employees include about 532 individuals working at the Riverwoods campus, 69 remote workers based in Illinois, and 538 remote employees outside Illinois who report to Riverwoods. The layoffs also include senior roles such as vice presidents of finance, technology, enterprise risk, and enterprise services.
Riverwoods Office to Remain Open
Despite the layoffs, Capital One announced that the Riverwoods office would remain open and other operations would continue there. The layoffs come as a result of Capital One Financial’s completion of its $35.3bn acquisition of Discover Financial Services last year.
Support for Affected Employees
In an e-mailed statement, the spokesperson said, “As part of our continued journey to integrate Discover with Capital One, we announced the difficult decision to eliminate some Discover associate roles across the organization. Our focus right now is on fully supporting our colleagues impacted by this change. We provided at least 60 days of notice to impacted employees and we are providing comprehensive career transition support, including enhanced severance, benefits, and outplacement resources.”
This move by Capital One Financial serves as a reminder of the challenges faced by companies in integrating acquisitions, balancing business growth with employee welfare. As the situation unfolds, it will be crucial to observe how Capital One navigates this difficult terrain and what measures they take to ensure a smooth transition for the affected employees.
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