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Capital One to slash 750 jobs

Capital One, a provider of banking and credit card services, will slash 750 jobs in its human resources, technology, operations, and risk management divisions, according to media reports.

The company reportedly beleives that the new business model it is moving towards will bring costs in line with its competitors and allow it to compete more effectively and efficiently in the UK credit card market.

Media sources quoted Srini Gopalan, head of Capital One Bank, as saying: Whilst this was a difficult decision for the UK management team, it is recognized that this is part of the ongoing effort to ensure the business framework is in a place that supports an overall competitive strategy in the UK market.