Business Briefs for March 21, 2008
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Capital One to cut 163 N.O. positions
Capital One Financial Corp. will eliminate 163 positions in New Orleans, or about 9 percent of its New Orleans staff, but the consolidation of support services won’t affect jobs in the Baton Rouge market, where it employs 800 in its 28 offices.
The cuts target better efficiency and lower operating costs, the McLean, Va.-based retail banker and credit card company said. The layoffs involve support jobs in deposit services, bookkeeping, research and adjustments departments, Capital One spokesman Steven Thorpe said.
The company also will lay off 23 people in Shreveport and 11 in Houston, but no Baton Rouge offices will be affected, he said. Layoffs will begin in May and continue through mid-2009, said Thorpe, who said the changes have no connection to the subprime mortgage crisis. Capital One employs 1,825 people in greater New Orleans.
In November 2005, Capital One expanded its credit card and financial services business by entering the banking segment with the $5 billion cash-and-stock purchase of New Orleans-based Hibernia Corp.
Shaw Group lands contracts in U.K.
Baton Rouge-based Shaw Group will provide development services on a pair of carbon-capture coal plants for RWE npower, the United Kingdom’s largest electricity supplier.
Shaw did not disclose the value of the contract in announcing the project today, which calls for developing two power stations in Northumberland that would replace three older units in Essex and four existing units in Oxfordshire scheduled to close by 2015.
Capital One Financial Corp. will eliminate 163 positions in New Orleans, or about 9 percent of its New Orleans staff, but the consolidation of support services won’t affect jobs in the Baton Rouge market, where it employs 800 in its 28 offices.
The cuts target better efficiency and lower operating costs, the McLean, Va.-based retail banker and credit card company said. The layoffs involve support jobs in deposit services, bookkeeping, research and adjustments departments, Capital One spokesman Steven Thorpe said.
The company also will lay off 23 people in Shreveport and 11 in Houston, but no Baton Rouge offices will be affected, he said. Layoffs will begin in May and continue through mid-2009, said Thorpe, who said the changes have no connection to the subprime mortgage crisis. Capital One employs 1,825 people in greater New Orleans.
In November 2005, Capital One expanded its credit card and financial services business by entering the banking segment with the $5 billion cash-and-stock purchase of New Orleans-based Hibernia Corp.
Shaw Group lands contracts in U.K.
Baton Rouge-based Shaw Group will provide development services on a pair of carbon-capture coal plants for RWE npower, the United Kingdom’s largest electricity supplier.
Shaw did not disclose the value of the contract in announcing the project today, which calls for developing two power stations in Northumberland that would replace three older units in Essex and four existing units in Oxfordshire scheduled to close by 2015.
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