Yesterday management in auto finance with capital one got laid off. About 5-6 total.
Today additional zoom invites have been sent out for funding coordinators and specialty (more of funding) as well as sales teams in auto. They’re told in two separate times and groups as one will be laid off.
I was affected by the layoffs but logged in to check my email and look for jobs today. I found a job posting that was added on MONDAY for a FUNDING COORDINATOR! why would capital one do this????
58 core funders cut
Are you going to get year end bonus in addition to severance payment?
Does anyone know if cuts are coming to AutoNav
Upwards of 40 sales (ASMs) were cut which was about 25%.
ASM here, was laid off yesterday. What a gut punch when you’ve been working hard, received good reviews, and told you had a great future here.
At LEAST 50% of sales, every refi call center team but ONE (including the managers) think they left two funding teams, almost all of refi outbound team, UM’s, some in SRS, not sure about QA. There’s roughly like 50 people left total for all those teams and Mgrs combined.
Severance is being given for 16 weeks. At least for coordinators laid off
I’m quite nervous about going into work now. I’m not sure what to expect.
Refinance and Dealer Funding had layoffs. Sounds like it went deeper into the RM/ARM side. Makes me think this will trickle up like another commenter said--what a scary time. Hopefully they are providing some benefit to help out. Anyone here get news of seperation pay and for how long?
Anyone in Risk or HR being laid off? Are they offering severance?
I'm in sales and was cut!
I’m another one in the sales side who got laid off. Found out from the staggered meeeting times. My meeting was at 1030, frustrating how much I gave to capital one and my specific dealership I ran but hey I wish the best for everyone here.
Most of the layoffs are within agents who were working with dealers and customers to originate the auto loans, verify the documents, and fund the loan. Origination volume is down significantly year over year due to higher interest rates and plunging used car prices. I believe this is the first round. There will be more within tech and HR in a month or two.
They said at least 20% in sales from what I’ve heard.
Arm here and cut
50% of sales?
Was like getting hit in the head with a brick. After nearly 10 years of service. 50% got cut
We're in a recession. They should layoff some of the directors and above in IT, Cyber, and others. Leave these poor people alone!!!
ASM here, laid off as well.
I was an RM and just got laid off
Any idea how many in sales?