CapitalOne

Part of a series The Great American Write-Down

CapitalOne (COF) In June CapitalOne had a reported that they were writing off $300 million for the second quarter and stating that they are laying off 2,000. Now that they are reporting their results for an abysmal third quarter, they included another 1,900 to the chopping block. Since I couldn’t find a Press Release on their website I’ll assume that it’s an additional 1,900 and not part of the original 2,000.

I did find one item of interest in their Press Released was one titled Capital One Makes Pigs Fly!

For the third quarter CapitalOne had an $81.6 million loss as compared to a $587 million profit in the third quarter of 2006. That loss was made more drastic by the fact that revenues had increased by a whopping 23 percent.

Articles:
UPDATE 2-Capital One posts third quarter net loss
Capital One cuts 1,900 jobs, slashes profit forecast
UPDATE 1-Capital One cutting 2,000 jobs, sees charge

Capital One Leaving Mortgage Market

Yesterday Capital One issued a Press Release stating that they will immediately close their GreenPoint Mortgage division that was just purchased last December. Good buy guys. That along with the closing of their selected mortgage divisions will result in 1,900 lay offs.

The company indicated that they remain committed to Capital One Home Loans offices. From the Press Release:

“Capital One Home Loans, based in Overland Park, KS, and Capital One N.A., including its 725 local retail bank branch locations in New York, New Jersey, Connecticut, Texas, and Louisiana, are not directly affected by this decision. Capital One intends to continue to originate and sell mortgage loans through Home Loans and its bank branches…”