Chicago Mayor Rahm Emanuel and Capital One Financial Corporation (NYSE:COF) announced that the company will open a new office in Chicago’s central business district. Capital One will sublease approximately 65,000 square feet of office space located in the former headquarters of United Airlines at 77 West Wacker Drive in the building owned by State Teachers Retirement System of Ohio.
The new office will house Capital One’s U.S. Card business and will accommodate approximately 350 associates when fully occupied. Capital One expects to move into the space in the fourth quarter of 2013. Chicago will join McLean and Richmond, Va. as the primary hubs for Capital One’s U.S. Card business and supporting staff functions.
The Mayor’s Office, in conjunction with the City of Chicago’s Department of Housing and Economic Development, worked directly with Capital One to encourage the company to move downtown.
"Capital One’s decision to locate its U.S. Card business in Chicago is a testament to the vibrancy, talent and quality that our downtown has to offer," said Chicago Mayor Rahm Emanuel. "We look forward to a great partnership with Capital One and the tremendous value they will bring to our local community, as the company creates jobs now and in the future."
Capital One currently has approximately 1,000 associates in the Chicagoland area and expects to grow its presence over the next 24 months as the company moves from existing to new locations, including the Rolling Meadows Atrium Corporate Center. The majority of associates at the downtown location will relocate from other sites across the Chicago suburbs.
“Since our acquisition of the HSBC U.S. credit card business last May, we have been working hard to determine the best footprint for our business and we’ve found that Illinois understands and appreciates the critical importance of a strong financial services industry,” said Ian Cunningham, Managing Vice President, Capital One U.S. Card. “Chicago is a dynamic city and the space downtown is a perfect fit for our needs. It is a great location that provides us with access to all the resources that the city has to offer – transportation and an experienced and an incredibly talented workforce.”
Capital One is committed to advancing economic development, affordable housing, financial literacy and education to help individuals, families, and small business owners achieve their financial goals. During its recent One Week of service, nearly 16,000 associates contributed almost 43,000 hours of service to 508 nonprofit partners over a period of seven days.
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N. A., had $213.3 billion in deposits and $302.0 billion in total assets outstanding as of September 30, 2012. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has approximately 1,000 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. ING DIRECT, a division of Capital One, N.A., offers direct banking products and services to customers nationwide. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.
Mayor Emanuel has made job announcements with nearly 70 companies during his administration, totaling nearly 25,000 jobs.
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