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Capital One's $50B Deal Sparks 400 Layoffs at Discover

9/25/2025

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Summary

Story summary

Capital One's $50 billion acquisition of Discover Financial Services has triggered about 400 layoffs at Discover's Riverwoods, Illinois headquarters.
This follows the August elimination of 215 positions, about 8% of Riverwoods' workforce.
Critics, including Congresswoman Maxine Waters, say the merger harms consumers and small businesses, amid Illinois' job losses in five of the first eight months of 2025.

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Story summary

Capital One's $50 billion acquisition of Discover Financial Services has triggered about 400 layoffs at Discover's Riverwoods, Illinois headquarters.
This follows the August elimination of 215 positions, about 8% of Riverwoods' workforce.
Critics, including Congresswoman Maxine Waters, say the merger harms consumers and small businesses, amid Illinois' job losses in five of the first eight months of 2025.