Capital One Cuts 1,100 Tech Jobs, Hires for Cloud and Data Roles
Capital One has revealed significant changes in its workforce, with hundreds of new roles opening up across the company, while also eliminating 1,100 'agile' technology jobs this week. Meanwhile, other major financial institutions like Morgan Stanley, BNY Mellon, and Goldman Sachs have all recently announced job cuts.
Capital One is actively seeking candidates for various engineering and product manager roles, with a focus on cloud, data, machine learning, cybersecurity, and product management. Despite the recent layoffs, the company is inviting affected employees to apply for these new positions. Those unable to secure another role at Capital One will receive a severance package.
In contrast, Morgan Stanley has slashed 1,600 jobs in December, while BNY Mellon plans to cut 1,500 jobs this year. Goldman Sachs has begun a cull that could see 3,200 employees let go. Bank of America has initiated a partial hiring freeze to control headcount and prepare for a potential recession.
Capital One's recent job cuts and active hiring for specific roles indicate a shift in the company's focus towards technology and digital transformation. While other financial institutions are reducing their workforce, Capital One is integrating agile delivery processes into its core engineering practices, demonstrating a commitment to innovation and adaptability.
