Capital One Bank is set to slash jobs of about 111 employees in its Houston unit early in 2015 when it moves its responsibility for managing and processing account activity for its local branches out of state.
The layoffs will involve branch personnel and are expected to be effective between January 2 and early April, reports Houston Chronicle.
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The bank’s staff have been notified of the layoffs in late July and informed that they may apply for other positions in the company.
Employees who exit from the company will be eligible for a severance package including retraining assistance and outplacement services.
Work presently managed by the lender’s Houston’s operations will be moved to St. Cloud, Minnesota, and Wilmington, Delaware in the US.
The bank presently operates with nearly 50 branches and has a workforce of about 700 in greater Houston.
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