Capital One, a credit card company based in nottingham are to axe 750 staff with most of the cuts coming in the IT and administrative areas. There are currently around 1,800 staff at the branch that has been opened since 98.
The reasons given were that Capital One had to remain above of its competitors and so cutting extra staff was an economical must in order for them to remain competitive.
With Nottingham being the base for the European operation for the US company it, it has come as quite a shock to lose such a percentage of the work force.
This co-incides with the current credit crunch that it taking place and on top of the difficulties people are facing to get mortgages or to even stay afloat this has come as quite a shock.
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