Mass Layoffs Reported At Discover's Former Headquarters In Riverwoods

RIVERWOODS, IL — Layoffs continue at the former headquarters of Discover Financial Services following Capital One's acquisition of the credit card company in May. According to the state of Illinois, mass layoff notifications were received last month and on Monday from Capital One regarding the property at 2500 Lake Cook Road

Discover had been headquartered in Riverwoods since its launch in 1985. Capital One's corporate offices are located in McLean, Virginia.

In August, Capital One announced it was cutting 215 jobs in Riverwoods following an all-stock deal valued at around $50 billion, as reported by Crain's Chicago Business. At the time, Crain's said 215 jobs were expected to be cut at the Riverwoods facility, of which 51 are employees working at the Riverwoods facility, as well as nine Illinois residents who work remotely, along with 155 non-Illinois residents who report to Riverwoods. For the latest cuts, which are expected to begin in October, another 400 jobs will be lost.

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Capital One's acquisition of Discover makes the combined entities the largest credit card company in the U.S., as well as the nation's sixth-largest bank, according to U.S. News & World Report.

"This deal brings together two innovative, mission-driven companies that together are poised to deliver breakthrough products and experiences to consumers, businesses, and merchants," Richard D. Fairbank, Founder and CEO of Capital One, said.

The merger, which was first approved by the Trump Administration in April, has faced criticism from a number of top Democrats. Congresswoman Maxine Waters (D-California) said, "it will create yet another ultra-wealthy megabank in America that our nation's consumers, small businesses, and working-class families cannot afford."

"This merger is bad for consumers…. In addition to harming consumers and small businesses, bank consolidation poses increased systemic risk in the financial system,"U.S. Senator Elizabeth Warren (D-Massachusetts) said.