Credit card firm sheds 750 jobs

Most of the jobs to be axed are in IT and Operations

A total of 750 staff in Nottingham are to lose their jobs at bank and credit card company Capital One.

The announcement was made to staff on Tuesday and most of the jobs to be axed are in IT and Operations.

The company said it needed to stay economically competitive and innovative in the UK credit card market.

The US firm opened its European headquarters on Station Street in Nottingham in 1998 and currently has 1,750 staff.

Capital One has promised to help those workers who are made redundant find new jobs.

Srini Gopalan, head of Capital One Bank (Europe) plc, said: "Whilst this was a difficult decision for the UK management team, it is recognised that this is part of the ongoing effort to ensure the business framework is in a place that supports an overall competitive strategy in the UK market."

Nottingham City Council leader Councillor Jon Collins said his first thoughts were with the company's employees who were affected by the news and their families.

He added: "We're proud to be the host city for Capital One's European headquarters and it's obviously very disappointing to hear that so many jobs are to go...

"Nottingham City Council, with our partners, will work with Capital One to provide additional support that will help affected employees find their way into appropriate, alternative employment as soon as possible."