Lay off. Called into a meeting and let go so our jobs could be sent offshore. It was billed as an important meeting to discuss confidential business information. No clue I was losing my job. We support customer facing associates and they were left hanging.
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"Inconsistent" and "Needs improvement" were merged into a single "Terminate" category called "Less Than Strong". If the normal stacked ranking did not yield enough terminations, the ranking criteria were manipulated until the quota was met.
This most recent post about upcoming performance based layoffs was accurate and associates were notified today.
Another round of 13% performance based cuts is coming in next 6 weeks across all of C1.Be ready Capital One Associates!
I was part of that layoff. Did not see it coming (thought the overseas staff would be terminated because their customer service and funding were sub-par, always cleaning up their messes and apologizing to our customers for their inept work ). So after 22 years of service, this was my send off.
What is with false PIPs someone asks. Well, if you do not satisfy your PIP then you could be let go and they could fight unemployment. They hate paying unemployment. What will happen at mid years? Well, many of you who are strong will now be at needs improvement. More will get inconsistent. They are pushing down the accolades and "raising that damn bar". If you satisfy the PIP, they may look for other inconsistencies in your work. Have you indeed been in office twice a week? They can check your card readers to verify that. They can check your log ons to see you logged on at a decent time and worked your 8 hours or more. Do you complain much? They can get you for not being a team player. Virginia is an at will state so an employer can terminate your employment at will, as you can quit at will. They do need to give some notice before job termination. They don't have to give you a reason. They can eliminate your position, outsource, at will. It works this way everywhere. Headcount is a part of budget, if attrition is down, they have to eliminate jobs/positions. It's business, not personal. Take advantage of any help they offer for getting your resume in shape. Shape up your LinkedIn and get busy with practicing behavioral questions and interviewing skills because finding another job IS a job. Get busy. It sucks. Take a breath and get busy!
I work for Foundever, they had over 300 in the CapitalOne program and they asked them to scrap half, in may, with only a 3 week notice that it could be you, now they want another half gone, they say next week if you come in and your not on the schedule the the week after, then you no longer have a job! Im a single Mother and I wonder if I am scrapped will I find another job? I cany pay out rent on unemployment, its to hard, like everything else. I need every pay check, our country is turning to cr-p because of out-sourcing! There are towns that were strong, 40 or 50 years ago that are not falling apart. What you do, is every time you call Capital one ask for someone from the States and they have to transfer you! We are hard working proud Americans and want to work. If people in this job, dont have jobs how will they pay their credit Casrds? They wont/ I have more then one cap1 card. I believed in them. I hate them now. I will pay them off and be done.
What site was impacted most ? I know mostly everyone is remote.
I am canceling my credit card checking and savings with Capital one!!’ Unbelievable his you treated all those employees!! I hope more follow as sending business offshore is extremely stupid!!!! Thought you were a good company guess what I’m wrong!!!!’
This has been the Capital One way since the early 2000's. 22 yrs there, set up, false PIP, whole 9 yards happened to me. Exec Admin to Jory Berson told me this was not unheard of, saw it happen many times. C1 is a place where you go to work knowing you could be let go tomorrow. I spent my last 12 yrs there on edge knowing I could be eliminated any day. This is nothing new folks. Those of you who are cheerleaders for this company and feel there can be no wrong doing, hold on for dear life.
I think the most amazing part of the false pip is their inability to not see true value of experience of many associates. No one is able to rehire for anything! No one is given the opportunity to find another (lesser) role. So a manager could not apply and be hired for a customer service rep role. Amazingly stupid. I feel badly for those long term loyal associates who think that makes a difference.
What is the logic around not being able for rehire? Was that discussed? I don't see how this benefits anyone involved...
What is the deal with False PIP’s.
The whole way this went down is terrible! As a manager I was left scrambling as we were not told this was happening and my associates were asking if their jobs are next. This is not the culture of Capital One. Then we get two mysterious emails that create more questions than answers. And now the managers left have to pick up more work!
Numerous layoffs in Small Business Bank also. Anyone from bankers, MCE’s, Underwriters, Managers, Team Leads, Documentors, Renewal PA’s all gone with no warning. Simply asked to join a zoom on June 12 one by one and eliminated.
Capital One does this to calm perception (or reality) that their lending is risky.. Cost of borrowing money is unreal right now and thus to take off the pressure and calm the analysts nerves, Capital One SLT including Rich does these shenanigans. This is to build strength to their stock price.. They are buying a lot of stocks from their reserves too to keep the stock value respectable/ expected.
A kick right square in the ba--s. Cold, incredibly impersonal and cowardly
Tech was impacted as well — they are doing very quiet layoffs
Severance package differs depending on your level (Director 9 months, Manager 6 months, Associate 3 months)
This is SUCH B.S, and I am so sorry for those of you effected.
Gotta keep my head on a swivel from now on, also being in US CARD, FFS.
Rich gets Richer and the p-e-ons, excuse me, the ones that HELP him get richer, get let go.
Awesome.
If you are told you get no severance, talk to a lawyer. Company policy is to give severance unless it is for cause (as in you did something illegal, for example).
I've heard anywhere from 10-15%, but that might just be in a couple of groups. No one below VP knows the scope. Mostly surprised the Richmond paper doesn't have a story on this. They are usually all over COF layoffs.
There was no severence package as it is based on the review process that has been unfair for the last several years where no matter how good everyone is, at least 1 person will be put on needs improvement because that is how it is done there. What was a strong is now a needs improvement. This recent extreme change in the review process is causing severe mental health issues with people already suffering.
I was impacted too, my role was sent off shore. Now it all makes sense why all my responsibilities were being delegated
I was impacted - severance and not eligible for rehire. 10yr tenure in card fraud
The “false PIPs” really resonated with me. I know several people who have been “mislabeled.” I am wondering what will happen for mid-years!!
It impacted multiple LOBs-severance packages are dependent on your position in the company and of the phasing out of the roles and timelines etc.
It impacted all LOBs. The only thing that wasn't touched was the tech teams.
Impacted US Card as well. Unsure on the scale.
Deja Vu, all over again and again and again.....
So many layoffs in addition to the false PIP’s, silent layoffs and forceful resignations
What department?
Will this affect people who are waiting to start their job?
package depends on level
i was laid off too
i'm curious who else was laid off
Capital One just laid off a whole bunch of people yesterday, June 12, 2023. Associates were invited to a mysterious sounding Zoom with the subject "Confidential Business Update." VP addressed unknown numbers of associates letting them know they would be given a severance package and assistance of various types (career stuff, job hunting skills, etc). All this right after the CEO/Founder spent four days in May on Zoom reviewing how well the company is doing financially and reputation-wise. He sees a huge bump in his annual salary and several hundred associates get the boot before mid-year. Classy. Capitalism at its worst.
How many people?
What was the severance package?