Financial institutions within to coming months are showing a trend of downsizing their workforce in order to continue turning over profits.
Bank of America recently announced their plan to cut more than 16,000 jobs as well as more jobs from other departments.
Capital One announced today that it would shed 217 collections jobs from its Tigard office.
It's the second time this year the financial company has announced large-scale layoffs at the former HSBC call center.
According to an email by spokeswoman Julie Rakes, the layoffs are scheduled to begin in January as Virginia-based Capital One shifts operations elsewhere.
Earlier this year, Capital One outlined plans to slash marketing jobs in Tigard after acquiring the site from HSBC. It bought the British Banking company's U.S. credit division in a $2.6 billion deal that was confirmed in May.
According to Rakes, the layoffs move Capital One "closer to its long-term organizational design."
Employees who will be losing their jobs because of the layoffs will have the opportunity to interview for jobs in the office's growing fraud division, the company said in a letter to the state.
Opening in that division should exceed the number of layoffs, Rakes said.
The then-HSBC call center was once Tigard's largest employer, with 948 workers in March 2010. Within a year, its payroll dropped to 300, according to the city's annual financial report.
Layoffs in its marketing department, now expected to cut 49 jobs, were scheduled to begin this month and run through the first half of 2013.
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