130 Job Cuts Coming to St. Cloud

A few people will be out of a job in St. Cloud, MN.

The job cuts are a part of a group of wider cuts by financial services processing center Capital One Financial Corp. According to the St. Cloud Times, this means about 15% of the Capital One workforce will lose their jobs.

St. Cloud mayor Dave Kleis says the layoffs didn’t come as surprise but that “You never want to see any loss of jobs.”

Capitol One says the cuts are part of a move to exit the home mortgage origination and home equity loan business. The company says the cuts are part of a move to exit the home mortgage origination and home equity loan businesses.

The company says 900 employees in total will be laid off in the coming months in states from Texas, New York and Minnesota. The company says they will provide transition assistance to the affected.