Capital One Financial Corp. is set to eliminate more than 1,100 jobs linked to Discover Financial Services as it continues restructuring operations following its $35.3 billion acquisition of the company. The layoffs are largely connected to Discover’s former headquarters in Riverwoods, Illinois, and represent the second major round of job reductions since the takeover was completed in May 2025.
The job cuts are part of the broader integration process between the two financial institutions. Reports indicate that around 1,139 roles across various Discover-related positions are expected to be eliminated as Capital One reorganises teams and aligns operations across the merged organisation.
Regulatory filings submitted under the Illinois Worker Adjustment and Retraining Notification (WARN) Act suggest that the total number of affected employees could be slightly higher. State data indicates that 1,075 employees at the Riverwoods location are scheduled to be laid off in May, followed by 81 in June. Additional cuts are expected later in the year, including three positions in July and one each in September and October. These figures bring the total number of layoffs associated with the site to approximately 1,161 during this phase.
When combined with previous workforce reductions announced in late 2025, the number of roles eliminated at the Riverwoods facility is projected to reach around 1,748 by the end of 2026.
Not all employees affected by the layoffs are based at the Illinois campus. Of the total impacted workforce, about 532 employees work directly at the Riverwoods location. Another 69 employees work remotely from other parts of Illinois, while 538 report to teams based at the site but live outside the state.
Capital One completed its acquisition of Discover in May 2025, bringing together one of the largest credit card issuers in the US with Discover’s established payments network. Large mergers in the financial sector often lead to workforce adjustments as companies streamline overlapping roles and consolidate systems.
The Riverwoods campus remains a major operational hub, employing more than 5,000 people across multiple business functions. The company has provided advance notice to employees affected by the layoffs and said support measures such as severance packages, continued benefits and career transition assistance will be offered.
