Capital One to lay off over 1,000 at Riverwoods facility

Second round of cuts since $35.3 billion Discover acquisition in 2025

Published on Mar. 6, 2026

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Capital One is set to lay off more than 1,000 employees at the former Discover Financial Services headquarters in the suburbs of Chicago, the latest in a series of cuts since the financial group's $35.3 billion acquisition of Discover in May 2025.

Why it matters

The layoffs at the Riverwoods facility highlight the challenges of integrating large acquisitions and the ongoing consolidation in the financial services industry, which has seen several major mergers and restructurings in recent years.

The details

In the second round of cuts since the Discover acquisition, Capital One will lay off 1,139 employees across several Discover job titles. According to data from the Illinois Department of Commerce and Economic Opportunity, the total number of layoffs at the Riverwoods location will reach 1,161 by the end of 2026, adding to previous cuts.

  • Capital One announced the latest round of layoffs in March 2026.
  • 1,075 employees at the Riverwoods location will be let go in May 2026.
  • 81 more employees will be laid off in June 2026.
  • 3 employees will be laid off in July 2026, 1 in September 2026, and 1 in October 2026.

The players

Capital One

A major financial group that acquired Discover Financial Services in a $35.3 billion deal in May 2025.

Discover Financial Services

The former owner of the Riverwoods facility, which was acquired by Capital One in 2025.

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What they’re saying

“As part of our continued journey to integrate Discover with Capital One, we announced the difficult decision to eliminate some Discover associate roles across the organization. Our focus right now is on fully supporting our colleagues impacted by this change.”

— Capital One spokesperson (NBC Chicago)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.