UK's Capital One to move more jobs to India

British credit card bank Capital One has announced plans to axe 750 jobs as part of its move to shift more operations to India and other low-cost countries.

Srini Gopalan, head of its UK office, told employees in an e-mail that the job reductions will help "bring our costs in line with our competitors so that we are able to compete more effectively and efficiently in the UK credit-card market."

The email was forwarded to the media today after The Wall street Journal reported the job cuts.

Jobs will be eliminated in information technology, operations, human resources and risk management, the e-mail said.

Most of the jobs to be cut are based in Nottingham with cuts coming mainly from its call centre as well as account servicing and support roles.

The roles will be offshored to India and other low-cost countries.