Capital One To Exit Mortgage And Home Equity Business; Cut About 1100 Jobs

(RTTNews) - Capital One Financial Corp. (COF) said that it will stop originating mortgage and home-equity loans.

The company will cut 905 jobs across offices in Plano, Texas; St. Cloud, Minnesota; and Melville, New York. It's also eliminating about 200 jobs at a call center in an unrelated move.

"These businesses are in a structurally disadvantaged position, given the challenging rate environment and marketplace. These factors do not allow us to be both competitive and profitable for the foreseeable future," Sanjiv Yajnik, president of financial services at Capital One, said in a memo to employees.