The Seattle-based online brokerage arm of Capital One is undergoing restructuring. The unit came to Capital One when the financial holding company acquired ShareBuilder, a Bellevue-based online stock brokerage, as part of a 2012 acquisition of ING Direct.
Capital One Investing, the online brokerage arm of Capital One, is restructuring its Seattle location, leading to some 187 layoffs over the next 18 months.
The company is restructuring its Seattle investing location “to focus on digital and tech talent supporting our Investing business,” according to Capital One spokesman Sie Soheili.
“As a result, we’re relocating nondigital product management investing roles in Seattle to other sites with similar functions across our footprint,” Soheili said.
While the Seattle location will house the company’s engineers and data scientists, among other roles, positions in operations, sales and marketing will be relocated.
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The company expects to lay off at least 187 people in phases between Oct. 1 this year and Jan. 1, 2018. The 187 employees represent 73 different job titles.
“We realize the impact that this decision has on our associates, and it wasn’t one that we took lightly,” Soheili said.
Capital One, based in McLean, Va., will give affected employees at least 60 days’ notice. They are encouraged to apply for other positions within the company, and Capital One will provide relocation packages to those who are hired into those roles. Those separating from the company will receive severance packages.
Capital One Investing was formerly known as Capital One ShareBuilder.
Capital One had acquired ShareBuilder, a Bellevue-based online stock brokerage founded in 1996, as part of its $9 billion purchase of online bank ING Direct in 2012. ING had purchased ShareBuilder for $220 million in 2007.
In its most recent quarter, Capital One announced lower-than-expected adjusted earnings of $1.76 per share and revenue of $6.25 billion.
Information in this article, originally published July 29, 2016, was corrected later that day. A previous version of this story incorrectly identified Sie Soheili as a spokeswoman..