Capital One Laying Off Nearly 1.2K Workers At Former Discover HQ In Riverwoods

RIVERWOODS, IL — In a continued effort to consolidate operations since acquiring Discover last year, Capital One has announced its latest round of mass layoffs, this one having an impact on the North Shore. According to the Illinois Department of Commerce and Economic Opportunity, at least 1,172 jobs of employees either working at the former Discover Financial Services headquarters in Riverwoods, or reporting to it, are being eliminated in 2026.

These job losses follow 576 jobs lost last year. Discover had been headquartered in Riverwoods since launching in 1985. The corporate offices of Capital One, which bought and merged with Discover for a reported $35 billion, are located in McLean, Virginia.

RELATED: Mass Layoffs Reported At Discover's Former Headquarters In Riverwoods

Here's a breakdown of the layoffs that have already happened or are still scheduled for 2026:

• Jan. 8 — 1
• Jan. 16 — 1
• Feb. 16 — 3
• March 2 — 6
• May 1 — 22
• May 4 — 1,053
• June 1 — 81
• July 1 — 3
• Sept. 1 — 1
• Oct. 2 — 1

Capital One's acquisition of Discover, which was approved by the Trump Administration, makes the combined entities the largest credit card company in the U.S., as well as the nation's sixth-largest bank, according to U.S. News & World Report.

"This deal brings together two innovative, mission-driven companies that together are poised to deliver breakthrough products and experiences to consumers, businesses, and merchants," Richard D. Fairbank, Founder and CEO of Capital One, said at the time.

The merger, which was first approved by the Trump Administration in April 2025, immediately faced criticism from a number of top Democrats. Congresswoman Maxine Waters (D-California) said, "It will create yet another ultra-wealthy megabank in America that our nation's consumers, small businesses, and working-class families cannot afford."

"This merger is bad for consumers…. In addition to harming consumers and small businesses, bank consolidation poses increased systemic risk in the financial system,"U.S. Senator Elizabeth Warren (D-Massachusetts) said.