Capital One layoffs consistent?
Is it true that capital one lays their employees off often? I’m currently in the interview process with them and am interested in working for them. I’ve heard really good things but also really bad things about them so I’m not sure.
Which group are you interviewing with? I can answer your questions.
I believe it’s in the risk management department. Underwriting analyst
Commercial Banking/Diversified Industries? I worked on the Diversified Industries team.
The bank decided to layoff senior folks in certain divisions (regional commercial banking and healthcare) whose positions were redundant, or people that were just coasting to retirement. To give you an example, they would have 5 senior portfolio managers on one team (SVP/MD level) and 5 junior portfolio managers (Associate-VP level) which didn’t make sense. Why pay 5 senior PM’s to manage less than 10 accounts each when you could have 2-3 senior PM’s and 5 juniors to do the same job? They also laid off sales guys that were literally just coasting to retirement and not producing, which is an understandable cut IMO.
I would avoid certain groups, but the bank is not laying anyone off that works in core commercial banking or the IB job functions (IB opportunities are very limited).
Okay so to be clear, is risk management/UW considered CommB? Also, what’s diversified banking?
And what groups in particular should one avoid so that they don’t run into the annual CapOne purge?
Understanding you want to keep it confidential but if you send me the job description or details I can tell you. I have no clue what job you’re applying for because Cap One’s titles/group names aren’t as straight forward as other banks. If it’s credit risk or underwriting analyst, it could be anything within commercial so im not sure…the job descriptions usually give you more details.
To be clear, there is no annual “purge”. I can’t think of a single analyst, associate or VP was actually laid off except people that were literally not doing their jobs. And by not doing their jobs, I mean actually not doing it.
It would be credit risk management regarding commercial loans on the agency side (Fannie and Freddie loans)
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