Customer service at Capital One is now off the menu.
Capital One said Monday it is cutting customer service to offer customers more time to get back on track.
The company said that, due to increased costs of capital, it has taken “the necessary steps to further reduce our employee compensation expense.”
In an email to customers, the bank said it is removing some customer service positions in its customer service departments, while others will be removed at the end of March.
The bank said its capital plans, which are required by law to cover costs of new capital, will be revised to allow for this.
It’s unclear how many employees will be cut.
In January, Capital One announced a $3.4 billion restructuring plan aimed at revamping its customer care.
The bank said at the time that it would hire 300 people, including 200 more in customer service roles.
The American Express card, the most popular of Capital One’s credit cards, is the only credit card offered to American Express customers.
Capital, the second-largest U.S. bank, has more than $100 billion in assets and employs more than 7,000 people.
The loss of customer service could also hurt the bank’s bottom line.
Capital is a $35 billion holding company, with the largest U.K. financial group, Credit Suisse, owning about $5 billion of the bank.
Capital is also losing revenue as it sells off assets and refinances loans.
In the first quarter, Capital reported a loss of $4.2 billion, compared to a $1.2-billion profit for the same period a year ago.
