In a statement, Capital One said the move reflected a step forward in its digital transformation. Roles within the ‘Agile’ segment will be integrated into product management and engineering, a company spokesperson said.
As of September 2022, Capital One had more than 55,000 employees. In recent years it, along with other leading financial institutions, invested heavily in technology to keep up with advancements in fintech and competition from within banking and tech.
"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.
The layoffs come at a critical time for the financial and technology sectors as difficult economic conditions create a challenging jobs market.
Banking heavyweights including the likes of Goldman Sachs and BlackRock recently announced job cuts. Likewise Big Tech firms such as Google, Microsoft, and Amazon have also begun laying off staff.
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