(Plano, TX) — Capital One reportedly plans to lay off another 286 employees from its Plano offices.
These reductions are on top of the 950 impending layoffs the bank announced in November.
The bank says the cuts are a result of its transition away from the home equity and mortgage lending business.
Home prices have risen faster than wages in recent years because of a shortage of affordable new homes on the market.
The latest round of layoffs arises from Capital One’s recent sale of a portfolio of billions in existing home loans to a mortgage capital firm.
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