Posted on 07/21/2004 6:52:04 PM PDT by Doohickey
NEW YORK, July 21 (Reuters) - Credit card issuer Capital One Financial Corp. (COF) said on Wednesday its quarterly earnings rose as lending grew, and the company increased its 2004 earnings outlook.
The company also announced that it was cutting 1,400 call center jobs in Florida, Texas and Virginia, and took a $56 million charge in the second quarter.
Capital One said it will take a $60 to $100 million charge during the second half of 2004 as part of a company reorganization.
The McLean, Virginia-based company posted second-quarter earnings of $407.4 million, or $1.65 a share, compared with $286.2 million, or $1.23 a share, a year earlier.
Wall Street analysts had expected earnings in the second quarter of $1.49 a share, according to Reuters Estimates.
The company increased its 2004 earnings guidance to between $5.60 to $5.90 per share.
In April, the company forecast 2004 earnings of $5.30 to $5.60 per share. Wall Street analysts had expected earnings of $5.84 for the year, according to Reuters Estimates.
(Excerpt) Read more at news.moneycentral.msn.com ...
profits up, executive compensation up, middle class jobs offshored.
this is the "hidden" issue in this upcoming election. not that Kerry has any populist economic message at all, but the risk to Bush is that there are alot of POed workers out there who have suffered this same fate.
To be fair, I don't know where the jobs are going. I'm given to undertand that most will be outsourced to American call center operators.
I do expect a healthy percentage to go offshore. This is only the beginning for this company.
You've just described a risk that politicians have suffered for time immemorial. Some folks will simply vote for the politician who panders the best.
India.
Some of them in the Richmond area are management level. My brother-in-law is one of several. Now, technically, he may be "in" the call center. But he's management.
Unfortuantely true.
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