Capital One to Cut 1,100+ Jobs at Ex-Discover Financial Services Headquarters

As part of its ongoing efforts to combine Discover Financial Services and Capital One Financial Corp., which it acquired for $35.3 billion last year, the banking firm intends to let off over 1,100 employees. This is the second big round of layoffs since Capital One finished its acquisition in May 2025, and it will impact workers linked to Discover's previous headquarters in Riverwoods, Illinois. As part of the continuing integration of the two banking organisations, the business plans to cut 1,139 posts across various Discover employment categories, according to NBC Chicago.

Reasons for the Layoffs

A representative for Capital One told NBC Chicago that the move was made as part of the company's larger reorganisation efforts after the merger. The spokesman added that the business has made the painful decision to terminate some Discover associate roles across the organisation as part of its continuous effort to merge Discover with Capital One. The first priority for Brand is to provide unwavering support to all employees who may be affected by this transition.

The number of layoffs may be somewhat higher than what the corporation has revealed, according to data provided under the Illinois Worker Adjustment and Retraining Notification Act (WARN Act). The Illinois Department of Commerce and Economic Opportunity and NBC Chicago quoted documents indicating that 1,075 employees at the Riverwoods location are set to lose their employment in May.

After this, June will see 81; July, three; September, one; and October, one. With these numbers, the total number of site-related layoffs during this reorganisation phase has reached 1,161. According to state data, the total number of jobs that will be terminated at the Riverwoods facility by the end of 2026 is estimated to reach 1,748 when added to the cuts that were made in late 2025. Capital One informed NBC Chicago that the Illinois location does not employ all the impacted employees.

Of those affected, 532 are directly employed at the Riverwoods site, 69 work remotely from other parts of Illinois, and 538 report to teams based there but reside outside of Illinois.

What Affected Employees will Get?

According to Capital One, workers impacted by the most recent round of layoffs have been given advance notice and are being offered assistance measures. The firm will give affected employees at least 60 days' notice, according to the company representative. Improved severance, benefits, and outplacement services are just a few of the ways it will aid in a smooth career change.

In order to provide workers enough notice and time to enrol in support programs, businesses in Illinois are required by law to inform state authorities when they intend to implement large-scale layoffs. These layoffs are simply the most recent example of the larger changes taking place as a result of Capital One's acquisition of Discover and the subsequent alignment of the merged organisation's technology, teams, and strategy.