Capital One (NYSE:COF) layoffs are a hot topic among traders today as the banking company prepares to cut jobs.
According to inside sources, the financial company is going to reduce its headcount by 1,100 jobs. Specifically, reports claim that Capital One is focusing on tech-related jobs with these layoffs. The company is targeting its Agile job department in particular, folding Agile into its into “existing engineering and product manager roles.”
A statement from the company highlights the maturation of Captial One’s digital transformation as a reason behind the job cuts. With that maturation, Capital One wants to make “agile delivery processes” part of its core offerings.
More Recent Layoffs
Capital One is far from the only company announcing layoffs recently. Several other companies, especially those in the tech sector, have been reducing their workforces. These layoffs come as current economic issues weigh on markets.
Capital One joins the likes of Unity Software (NYSE:U), Wayfair (NYSE:W), Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL), WeWork (NYSE:WE) and Intel (NASDAQ:INTC), all of which have recently announced cuts. It’s possible that more layoffs will be announced in the coming weeks as well as companies continue to huddle down for a rough 2023.
In the case of Capital One, investors are celebrating today’s layoffs news. Shares of COF stock are up 4.8% as of Friday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.