Riverwoods, Illinois — Capital One plans to lay off 1,748 employees at its Lake Cook Road campus following its acquisition of Discover Financial Services.
According to a Worker Adjustment and Retraining Notification (WARN) filing with the Illinois Department of Commerce and Economic Opportunity, the layoffs will affect workers at 2500 Lake Cook Road in Riverwoods, a major office complex previously associated with Discover’s corporate operations.
The filing states that 1,748 employees are expected to lose their jobs as Capital One integrates operations after completing its $35 billion acquisition of Discover Financial Services. The acquisition was finalized as part of a broader effort by Capital One to expand its credit card and digital banking business.
Officials have not publicly detailed which departments will be most affected, though mergers in the financial sector often lead to job reductions as companies consolidate overlapping roles in areas such as technology, operations, customer service, and corporate administration.
According to the WARN notice, layoffs are expected to occur as the companies combine systems and streamline operations. Federal law requires large employers to file WARN notices in advance when significant layoffs or facility closures are planned.
Discover’s Riverwoods campus has long served as a major employment hub in Lake County, with thousands of workers supporting the company’s credit card and financial services operations. The job cuts could have ripple effects for local businesses that depend on the workforce in the area.
Capital One has previously stated that the Discover acquisition is intended to strengthen its position in the credit card market and expand payment network capabilities.
For younger workers and commuters in the northern Chicago suburbs, the layoffs could affect job opportunities in finance and technology roles tied to the Riverwoods corporate campus.
This article was produced by a journalist and may include AI-assisted input.
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