Cuts to hit area hard (Some positions will be lost to outsourcing; cuts may be spread over time)

Richmond Times-Dispatch ^ | 4/28/04 | Carol Hazard

[Doohickey]

The area's largest nongovernment employer could reduce its work force by as much as 20 percent - or about 3,400 people companywide - in the next 18 months, according to documents obtained by The Times-Dispatch.

Most of the cuts are expected to hit the Richmond area, where more than half of its employees work. By some estimates, about 2,550 jobs will be lost here.

[gathersnomoss]

This should make my commute a little easier in the near future.

Truly yours,
Cold hearted south-side commuter

[gg188]

Nigel Morris, Capital One Vice Chairman, according to my April 19 Business Week (dead tree edition, so I can't softcopy you) was compensated $147.3 million in 2003.

(No value judgement here on my part. I report; you decide. I am just passing this along; I had just read it in my library this morning---the only place I read news OTHER than online---then saw this article on FR.)

[Doohickey]

Nigel Morris and Rich Fairbank aren't salaried; their comp is stock options, performance incentives, etc.

Besides, Nigel is no longer with the company.

[Diddle E. Squat]

"What's in your wallet?"

[Moose4]

Ouchie. I did contract programming out there 1993-97, back when the place was exploding and the sky was the limit. They were adding 10,000-20,000 new cards *per day*, and bringing in the money on a 20-year-old billing system that about 60 of us worked full-time to maintain and upgrade. They punted us out of the Operations Center over to leased space in Innsbrook, off Cox Road, in late '96...needed the room for more phone drones and direct mailers, I guess.

(Oh yeah, and I lived off Parham Road at I-64, English Hills...they couldn't pay me enough to live south of the James and deal with that crappy commute every day. Nooooo way.)

I'm still paying one of their dang cards off, too. But at least they, unlike my other creditors, would work with me to keep my interest rates reasonable as long as I kept up on the payments. As opposed to, say, Citibank, whose motto is "squeeze 'em until they declare bankruptcy."

It's sad to see them slashing that many jobs, I hadn't realized they'd passed Philip Morris as #1 private employer in Richmond. I guess the Big Cig is going to get #1 back at this rate.

I do, however, have to wonder where some of those jobs are going to end up...and what language the workers will speak...

}:-)4

[gg188]

Nigel Morris and Rich Fairbank aren't salaried; their comp is stock options, performance incentives, etc. Besides, Nigel is no longer with the company.

Yahoo Finance, Hoovers.com, and Business Week list Morris as Vice Chairman.

And like I said---this was just a point of information. Not a comment one way or the other.

[gathersnomoss]

Five different health insurance cards from five different businesses that went belly up in fifteen years in this town. It's called a cycle. Stay loose.

[gathersnomoss]

"(Oh yeah, and I lived off Parham Road at I-64, English Hills...they couldn't pay me enough to live south of the James and deal with that crappy commute every day. Nooooo way.)"

They don't, yet I do.

[Diddle E. Squat]

Remember the TV ads with the pirates, maurading Huns, and abominable snowmen?(not to be confused with the abdominal snowmen...)

[gathersnomoss]

What was I thinking? And how much was it that C-1 spent on those ads?