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U.S. markets recover from steep losses
MCLEAN, Va., June 28 (UPI) -- Capital One said it will cut about 2,000 jobs, or about 6 percent of its work force, to trim $700 million in expenses in the next two years.
Capital One, a McLean, Va.-based credit card company that has diversified into retail banking, said about half of the job cuts have taken place. Additional savings are expected by not filling open positions, the Wall Street Journal reported Thursday.
The company said it will incur pretax charges of $300 million for the restructuring, cutting profit by 15 cents a share this quarter and by 33 cents a share for the year. Capital One shares fell 1 cent to $78.80 Wednesday.
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