Capital One Financial Corp. (COF), the bank that gets more than half of its revenue from credit-card lending, plans to dismiss 26 employees later this year at a facility in Long Island, New York.
The cuts are expected to occur in the fourth quarter at an office in Brentwood, about 45 miles east of Manhattan, the McLean, Virginia-based bank said today in a notice with the state Labor Department. The dismissals are tied to a decision to outsource the firm’s “cash vault” function in New York and New Jersey, Julie Rakes, a company spokeswoman, said in an e-mail.
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