Approximately 532 of those employees work on site at Discover’s Riverwoods campus in suburban Chicago. An additional 69 are remote workers based in Illinois, while 538 remote employees located outside the state report to managers at Riverwoods and are included in the tally.
Riverwoods campus to stay open
Although it is shedding staff, Capital One said operations will continue at the Riverwoods location. Remaining Discover-branded activities are expected to operate alongside Capital One’s own teams as the integration process advances.
Background on the merger
The layoffs come less than a year after Capital One closed its $35.3 billion acquisition of Discover Financial Services. The all-stock transaction, announced in 2024 and completed in 2025, created one of the largest card issuers in the United States. Filings with the U.S. Securities and Exchange Commission outline a multistage integration plan designed to consolidate overlapping functions and technology platforms.
Company statement
In an emailed response to questions, a Capital One spokesperson said the workforce reduction is part of the “continued journey to integrate Discover with Capital One.” The spokesperson added that affected employees received a minimum of 60 days’ notice and that the company is offering severance packages, extended benefits and outplacement resources to support their transition.
Timeline of job cuts in Illinois
Based on public WARN data, Capital One’s workforce actions tied to the Discover merger now span a full year:
- October 2025: Initial layoffs linked to early integration tasks.
- February 2026: Notice covering 1,139 positions across 302 roles, including executive posts.
- May 2026: 1,075 employees set to exit.
- 1 June 2026: Additional 81 departures scheduled.
- By October 2026: Total planned reductions in Illinois reach 1,748.
Positions affected
While the WARN notice does not list every title, the filing confirms that the cuts encompass:
- Technology and engineering teams
- Financial planning and analysis groups
- Enterprise risk management staff
- Operations and enterprise services functions
- Support and administrative roles
Senior leadership ranks are also being trimmed, with vice presidents among those whose jobs are being eliminated. Capital One did not disclose how many executives will remain at Riverwoods after the reductions are complete.
Impact beyond Illinois
The 538 remote employees reporting to Riverwoods but living outside Illinois underscore the broader geographic reach of the Discover workforce. Capital One’s filings in other states have not yet detailed equivalent cuts, but further notifications could appear as the integration moves into later phases.
Regulatory compliance
Under the federal WARN Act, companies with 100 or more employees must provide at least 60 days’ advance notice before mass layoffs. Illinois maintains its own public database of such filings, allowing state and local agencies to coordinate employment services for workers who lose their jobs.
Next steps for affected staff
Capital One stated that its transition assistance includes:
- Enhanced severance pay based on tenure
- Continuation of health and welfare benefits for a limited period
- Access to job-placement counseling and resume services
The spokesperson said, “Our focus right now is on fully supporting our colleagues impacted by this change,” but offered no additional details on potential future reductions.
Ongoing integration efforts
Capital One has not provided a public timeline for when the Discover integration will be finished. However, executives have signaled in prior earnings calls that systems consolidation and brand alignment could require several years. Analysts watching the merger have noted potential cost savings from overlapping technology platforms and administrative functions, though those projections have not been confirmed by the company.
Market context
The job cuts arrive as the broader U.S. financial sector faces rising pressure from higher funding costs and evolving consumer credit trends. As lenders assess loan-loss reserves and adjust operational spending, workforce restructuring has become more common among large banks and fintech firms.
Capital One’s decision to retain the Riverwoods office suggests the site will remain a significant hub for card operations, risk management and customer service. Whether additional functions from Capital One’s legacy footprint will migrate to the Chicago area has not been disclosed.
What to watch
Further WARN notices could emerge if Capital One identifies additional redundancies during the integration. The company is required to update state agencies if timelines shift or headcount figures change.
For now, impacted employees in Illinois are scheduled to leave over a two-month window starting in May, marking the largest single reduction since Capital One assumed ownership of Discover.
