Capital ONE Financial layoffs, on the record
Every job cut, severance charge and restructuring Capital ONE Financial reported in its annual reports, 2023 to 2025, quoted from the filings. Headcount went from 51,987 to approximately 76,300.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2023 | 51,987 | December 31, 2023 |
| 10-K for 2024 | approximately 52,600 | December 31, 2024 |
| 10-K for 2025 | approximately 76,300 | December 31, 2025 |
Job cuts, severance and restructuring
Our summaryRestructuring charges were recorded in the Other category, and the filing's adjusted operating expense table shows a restructuring charge in 2022 and none in 2023.
Word for word“Restructuring charges — (72) — Adjusted operating expense (non-GAAP) $ 16,018 $ 15,251 $ 13,599 Adjusted net revenue (non-GAAP) $ 36,787 $ 34,250 $ 30,435 Operating efficiency ratio (U.S. GAAP) 44.33% 44.22% 45.01% Impact of adjustments noted above (79) bps 31bps (33)bps Adjusted operating efficiency ratio (non-GAAP) 43.54% 44.53% 44.68% 110 Capital One Financial Corporation (COF) Table of Contents The following non-GAAP measures consist of TCE, tangible assets and metrics computed using these amounts, which include tangible book value per common share, return on average tangible assets, return on average TCE and TCE ratio.” 10-K for 2023
Our summaryThe company said it expects to incur severance and employee benefit-related costs in connection with the Discover transaction and integration.
Word for word“These costs include financial advisory, legal, accounting, consulting and other advisory fees, severance/employee benefit‐related costs, public company filing fees and other regulatory fees and financial printing and other related costs.” 10-K for 2023
Our summaryCompany notes it has incurred and expects to incur significant non-recurring costs tied to the Discover Transaction, including severance and employee benefit-related costs.
Word for word“We have incurred and expect to incur a number of significant non-recurring costs associated with the Transaction and the integration of Discover.” 10-K for 2024
Our summaryCompany reports restructuring charges, primarily severance and related benefits, recorded in the Other category, including certain restructuring charges tied to the Transaction.
Word for word“The Other category also includes unallocated corporate expenses that do not directly support the operations of the business segments or for which the business segments are not considered financially accountable in evaluating their performance, such as certain restructuring charges and integration expenses related to the Transaction.” 10-K for 2024
Our summaryCompany's adjusted operating expense reconciliation lists a Discover integration expense charge for 2024, and a restructuring charge of 72 million for 2022.
Word for word“Discover integration expenses (234) — — FDIC special assessment (41) (289) — Legal reserve activity (75) — — Insurance recoveries and legal reserve activity — — 177 Restructuring charges — — (72) Adjusted operating expense (non-GAAP) $ 16,574 $ 16,018 $ 15,251 Total net revenue (U.S. GAAP) $ 39,112 $ 36,787 $ 34,250 Walmart program agreement termination contra revenue impact 27 — — Adjusted net revenue (non-GAAP) $ 39,139 $ 36,787 $ 34,250 Operating efficiency ratio (U.S.” 10-K for 2024
Our summaryCompany defines restructuring charges as realignment of resources, primarily severance and related benefits under ongoing benefit programs, plus asset impairments for exited locations or activities.
Word for word“Restructuring charges: Charges associated with the realignment of resources supporting various businesses, primarily consisting of severance and related benefits pursuant to our ongoing benefit programs and impairment of certain assets related to the business locations and/or activities being exited.” 10-K for 2024
| Fiscal year ended | Restructuring charges |
|---|---|
| 2016-12-31 | $0 |
| 2017-12-31 | $184 million |
| 2018-12-31 | $34 million |
| 2019-12-31 | $28 million |
Capital ONE Financial has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Capital ONE Financial’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-19. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.