Capital One Financial has announced plans to eliminate 382 positions at the Discover Financial Services headquarters in the Chicago area. The job reductions are part of the ongoing integration process following Capital One's acquisition of Discover, which was finalized in May.
According to a notice filed with the state of Illinois, the layoffs will be conducted in phases, beginning in November 2025 and concluding by early March 2026. This move follows a separate round of job cuts in August related to the closure of Discover's home equity business.
Key Takeaways
- Capital One is eliminating 382 jobs at Discover's Riverwoods, Illinois, headquarters.
- The layoffs will occur in stages from November 17, 2025, to early March 2026.
- These cuts are a direct result of the integration efforts following Capital One's acquisition of Discover.
- The action affects a wide range of non-customer-facing roles, including Discover's Chief Marketing Officer.
- This follows the elimination of 215 jobs in August from the shutdown of Discover Home Loans.
Details of the Workforce Reduction
Capital One formally disclosed the job cuts in a Worker Adjustment and Retraining Notification (WARN) letter submitted to the state of Illinois on September 15. The notice is a legal requirement for mass layoffs and provides specific details about the timeline and scope of the reductions.
The first phase of layoffs will impact 366 employees and is scheduled to occur on November 17. The remaining positions will be eliminated through early March 2026.
A company spokesperson acknowledged the difficulty of the decision. "When we first announced the acquisition of Discover, we acknowledged that combining two companies would bring with it some difficult choices and changes," the spokesperson stated. "After careful consideration, we announced a decision to eliminate some roles as part of our continued integration efforts."
Scope and Impact of the Layoffs
The job cuts span a significant number of roles within the organization, affecting 215 different job titles. Notably, none of the eliminated positions are customer-facing, meaning the changes are not expected to directly impact customer service interactions.
The WARN letter revealed that the roles being cut include high-level positions, such as Discover's Chief Marketing Officer. While the letter did not name the individual, Jennifer Murillo has held the position for over two decades, according to her public profile.
Job Cut Breakdown
- Total Positions Eliminated: 382
- Employees at Riverwoods HQ: Approximately 200
- Remote Employees in Illinois: 18
- Remote Employees in Other States (reporting to Riverwoods): 165
Capital One confirmed that the Discover corporate headquarters in Riverwoods, Illinois, will not be closing and that business operations will continue at the facility. The focus, according to the company, remains on supporting the affected employees.
Support for Affected Employees and Integration Costs
Capital One has outlined a support package for the employees whose roles are being eliminated. The company is providing a minimum of 60 days' notice before separation.
"Our focus right now is on fully supporting our colleagues impacted by this change," the spokesperson said. "We are providing comprehensive career transition support, including enhanced severance, benefits, and outplacement resources."
A Pattern of Post-Acquisition Adjustments
These job reductions are the second major workforce change at Discover since the Capital One acquisition. In August, the company eliminated 215 jobs connected to the shuttering of its Discover Home Loans division. That decision was made after Capital One conducted a strategic review of the business line. The layoffs for that division began in October and are set to continue through May 2026.
The integration of the two financial giants has also come with significant financial costs. In a July update, Capital One CEO Richard Fairbank indicated that the total expenses for the Discover integration would likely be "somewhat higher" than the initial projection of $2.8 billion.
Navigating a Major Financial Merger
The acquisition of Discover by Capital One, completed in May, created one of the largest credit card issuers in the United States. Mergers of this scale often lead to organizational restructuring to eliminate redundant roles and streamline operations. The current job cuts are a direct consequence of this process.
"After careful consideration, we announced a decision to eliminate some roles as part of our continued integration efforts."
The company has not provided specific details on whether further job cuts are anticipated as the integration progresses. When asked about future plans, the spokesperson stated that the bank has no other updates at this time and will "continue to move thoughtfully through the integration."
The process of combining two large financial institutions involves complex challenges, including aligning technology systems, corporate cultures, and operational workflows. The current workforce adjustments reflect Capital One's strategy to create a more efficient and unified organization following the landmark acquisition.
