Capital One Financial Corp. plans to eliminate more than 1,100 jobs tied to Discover Financial Services as the banking group continues to integrate the two companies following last year’s $35.3 billion acquisition.
The layoffs will affect employees associated with Discover’s former headquarters in Riverwoods, Illinois, in what marks the second major round of job cuts since Capital One completed its takeover in May 2025.
According to NBC Chicago, the company intends to eliminate 1,139 roles across several Discover job categories as part of the ongoing integration of the two financial institutions.
In a statement to NBC Chicago, a spokesperson for Capital One described the decision as part of the broader restructuring process following the merger.
“As part of our continued journey to integrate Discover with Capital One, we announced the difficult decision to eliminate some Discover associate roles across the organisation,” the spokesperson said. “Our focus right now is on fully supporting our colleagues impacted by this change.”
Layoffs to be phased through 2026
Data submitted under the Illinois Worker Adjustment and Retraining Notification Act, commonly known as the WARN Act, suggests the number of job cuts could be slightly higher than the figure disclosed by the company.
According to filings cited by NBC Chicago and the Illinois Department of Commerce and Economic Opportunity, 1,075 workers at the Riverwoods site are scheduled to lose their jobs in May, followed by 81 in June, three in July, one in September and one in October.
Those figures bring the total number of layoffs connected to the site to 1,161 employees during this phase of the restructuring.
When combined with earlier cuts made in late 2025, the cumulative total of jobs eliminated at the Riverwoods facility is expected to reach 1,748 positions by the end of 2026, according to the state data.
Capital One told NBC Chicago that not all the affected workers are based at the Illinois facility. Of those impacted, 532 employees work directly at the Riverwoods site, while 69 work remotely from elsewhere in Illinois and 538 report to teams based at the location but live outside the state.
Integration reshaping workforce
The job reductions highlight the operational consolidation typically seen after large financial sector mergers.
Capital One completed its acquisition of Discover in May 2025 in a deal valued at $35.3 billion, creating one of the largest credit card issuers in the United States and combining Capital One’s banking platform with Discover’s payments network.
Large-scale integrations often involve eliminating overlapping roles, consolidating technology platforms and streamlining organisational structures to reduce costs and improve efficiency.
The Riverwoods campus remains a significant operational centre. According to the company’s website, more than 5,000 employees currently work across multiple functions at the suburban Chicago facility.
Support for affected employees
Capital One said it had provided advance notice to employees affected by the latest layoffs and is offering support measures.
“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 company spokesperson said.
Under Illinois labour regulations, companies must notify state authorities when large layoffs are planned, giving employees advance warning and allowing time for support programmes.
Post-merger adjustments likely to continue
The latest cuts underline the broader adjustments underway as Capital One absorbs Discover’s operations and aligns technology, teams and strategy across the combined organisation.
For large financial institutions, such integrations often unfold over several years, involving gradual changes to workforce structures and operational systems.
As the merger progresses, analysts expect Capital One to continue refining its organisational structure to support the expanded payments and banking platform created by the acquisition.