Capital One has announced that it will lay off more than 1,100 employees at the former Discover Financial Services headquarters in Lake County after the two companies merged.
Capital One MVP for DFS Integration Leadership Paul Townsend informed the mayor of Riverwoods, the Lake County Board chair, the Illinois Department of Commerce and Economic Opportunity (DCEO) and the Illinois Department of Labor of the layoffs in a letter late last month.
Townsend said Capital One would be implementing job eliminations at its offices at 2500 Lake Cook Road in Riverwoods, which is the former Discover Financial Services headquarters.
“As part of our continued journey to integrate Discover with Capital One, we announced the difficult decision to eliminate some legacy Discover roles across the organization,” he said.
The job eliminations at the Riverwoods facility will affect at least 1,139 employees in 302 different job titles.
532 of those employees work at the Riverwoods facility, 69 are Illinois residents who work remotely and 538 are non-Illinois residents who work remotely but report to the Riverwoods location.
Affected employees are not represented by a labor organization and do not have “bumping rights,” Townsend said.
The entire location is not closing and other business operations will continue at the site, the letter said.
The permanent job eliminations are projected to occur in phases, with the expected date of the first layoffs occurring on May 4 and the last expected to occur around October 1.
“Capital One is fully committed to supporting all of its impacted associates through their transition, with care and access to resources,” Townsend said, adding that all employees whose jobs will be eliminated will receive at least 60 days’ written notice in advance of their termination.
Employees will be eligible for severance pay and benefits beginning upon the termination of their employment, he added.
“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 organization,” a spokesperson for Capital One said.
“Our focus right now is on fully supporting our colleagues impacted by this change. 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 spokesperson said.
Capital One Financial and Discover Financial Services announced in February 2024 that they entered into an agreement under which Capital One would acquire Discover in an all-stock transaction valued at $35.3 billion.
Discover and Capital One were two of the largest credit card companies that are not banks first, with the exception of American Express, according to the AP. The purchase was completed in May 2025.