Capital One Financial Corp. shares fell 1% in afternoon trade Wednesday, after reports that the credit card and consumer-banking services company was exiting the mortgage-loan business, cutting about 1,000 jobs. The Dallas Business Journal reported late Tuesday that Capital One was planning to lay off 950 employees from its campus in Plano, Texas in the coming months, citing a spokesperson that said the company wasn’t in a position to be both competitive and profitable. Reuters reported Wednesday the company will cut about 1,100 jobs, citing a challenging interest-rate environment. The company didn’t immediately respond to a request for comment. The stock has gained 2.3% year to date, while the SPDR Financial Select Sector ETF has rallied 13% and the S&P 500 has gained 16%.
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