Capital One Slashes Jobs

CHARLOTTE, N.C. (AP) - Capital One says it expects to eliminate nearly two-thousand jobs.

The cost-cutting program is designed to save 700 (m) million dollars for the Virginia-based credit card and banking company. It's calling the cuts an effort to "enhance efficiency,"

It has already terminated half of the affected employees. It plans to implement the other cuts through attrition and eliminating selected vacant positions by the end of next year.

Thirty-two-thousand employees currently work for Capital One.