Capital One is scheduled to lay off hundreds of employees at its Discover Financial Services headquarters in a northern Chicago suburb starting in November.
According to the Illinois Department of Commerce and Economic Opportunity, the financial group will cut nearly 400 employees beginning Nov. 17.
The first round will include 382 employees from the Riverwoods location while a second round of 10 additional employees will take place Dec. 19.
The company first announced planned layoffs in August, saying 215 workers would be fired beginning Oct. 17 and continuing through May 2026 due to a “financial restructure.”
The Capital One cuts come as the company and Discover merge operations, according to officials.
The two announced the merger in May saying it “brings together two innovative, mission-driven companies that together are poised to deliver breakthrough products and experiences to consumers, businesses, and merchants.”
“When we first announced the acquisition of Discover, we acknowledged that combining two companies would bring with it some difficult choices and changes. After careful consideration, we announced a decision to eliminate some roles as part of our continued integration efforts,” a spokesperson for Capital One told NBC Chicago in a statement. “Our focus right now is on fully supporting our colleagues impacted by this change.”
According to the Illinois Department of Commerce and Economic Opportunity, “under state law, employers must notify the state when they plan to lay off workers.”
That law is known as the Illinois Worker Adjustment and Retraining Notification Act, also called the WARN Act. The law was first passed in 1988 in an effort to “provide workers with sufficient time to prepare for the transition between the jobs they currently hold and new jobs.”
It is specifically in place for plant closures or mass layoffs.
Under Illinois law, the WARN Act applies to employers with 75 or more full-time employees, requiring them to give workers 60 days advance notice for a plant closure or mass layoff.
“We provided at least 60 days of notice to impacted employees and we are providing comprehensive career transition support, including enhanced severance, benefits, and outplacement resources,” the statement from a Capital One spokesperson read.
The Riverwoods headquarters is home to more than 5,000 employees across a variety of teams, according to the company’s website.
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