ST. CLOUD, Minn. — A financial services processing center that has bolstered downtown St. Cloud is losing 130 jobs as part of wider cuts by Capital One Financial Corp.

The St. Cloud Times reports that the cuts amount to 15 percent of the local Capital One workforce. Mayor Dave Kleis says the layoffs didn’t come as a surprise, but that “you never want to see any loss of jobs.”

Capital One says the cuts are part of a move to exit the home mortgage origination and home equity loan businesses.

The company says 900 employees will be cut in coming months in Texas, New York and Minnesota, and that it will provide transition assistance to laid-off employees.


Information from: St. Cloud Times, http://www.sctimes.com

Author photo
The AP is one of the largest and most trusted sources of independent newsgathering. AP is neither privately owned nor government-funded; instead, as a not-for-profit news cooperative owned by its American newspaper and broadcast members, it can maintain its single-minded focus on newsgathering and its commitment to the highest standards of objective, accurate journalism.