The expected Q4 layoffs begun. First round was notified individuals in risk management across the company. The one area they need more of, they cut.
2 replies (most recent on top)
If anyone has experienced an instance from a consumers point of view in regards to a "Risk Management Division" from any creditor, you will discover just how overzealous such a department can become.
So much so on their attempt supposedly to fairly evaluate risk, they often more than not cost the company far more than in savings. This is because many long term customers having a solid financial history with the company, in frustration of such a department, would rather close their account/s out, and pay off the balances if any as agreed. And walk on.
I have read thousands of complaints against banks and their "Risk Management" divisions being absolutely ludicrous towards those responsible for many jobs, as well as the continued financial success of those companies. Such customers that have had a long history 3-5-10 years of perfect use and payment history. But it's apparent that "Risk Management" finds that a person never late on a payment, or ever spent more than their available credit line(s), or even those that may have used 70% of available credit, and then paid down the balance to zero as a responsible consumer, is often too good to be true, and pretty much profiled as a risk, thus harassed, by departmental changes in the terms of the original agreement. Consumers have every Right to become agitated and upset and a creditor in regards to "Risk Management" under such conditions.
After all an individual applies for the privilege of credit access, following the same rules and criteria set forth for every other individual approved for a credit line.
Then a department by arbitrary criteria decides despite an individuals perfect account history, and perfect credit history, they "Flag" an account. Guess what, as a consumer you are now subject to extraordinary conditions that other individuals aren't subjected too. Such as authorizing them to gain full access to your tax return.
So I can understand why Capital One is shifting some of it's "Risk Management" to other technologies, that can be far more efficient than a Department that has a sense that they need to find and discover an actual risk from a consumer, even if that consumer is a long term customer.
hearing 20%+ cuts in some divisions...CEO is lackluster...nothing more than a credit card company...their claim to being a commercial lending business is a joke...if you work there, keep your resume up to date...